Lendlease Grows Industrial Fund through Acquisition
Lendlease’s Australian Prime Property Fund Industrial has exchanged contracts to acquire a portfolio of three assets from the Mirvac Industrial Logistics Partnership for approximately AUD 161 million, increasing the fund’s portfolio to 39 assets. With assets located in prime, core industrial locations in South West Sydney and West Melbourne, the portfolio offers strategic opportunities to add value through both development and active asset management. The two Melbourne assets adjoin existing APPF Industrial holdings, offering the potential to expand lot sizes, improve amenity and enable future development through a variety of site consolidation options.
The portfolio is 100 per cent leased and comprises
1 Johnson Road, Campbelltown, NSW APPF Industrial’s first acquisition in South West Sydney. A highly functional office warehouse facility providing a GLA of 16,641.50 sqm. The Campbelltown industrial area is currently one of the strongest growth corridors within Sydney.
26 Harcourt Road, Altona, Vic with a GLA of 32,329 sqm this asset is adjacent to the Fund’s holding at 21-27 Marshall Court, allowing the potential for expansion and increased flexibility for customers.
47 Westgate Drive, Altona, Vic the asset has a GLA of 26,998 sqm with an additional parcel of expansion land of circa 10,500 sqm. It neighbours the fund’s existing investment at 121-139 Dohertys Road, providing multiple opportunities to add value.
The locations within West Melbourne and South West Sydney are core logistics precincts experiencing strong growth. MILP was established in 2017 and is a partnership between Mirvac and an investment vehicle sponsored by Morgan Stanley Real Estate Investing.