The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a Corporate TUD+ Membership? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
7
print
Print
RetailTed TabetTue 07 Jul 20

Dexus Snaps Up Industrial Assets for $173m

c915e2e3-8d63-4937-ae92-ef6b7f144324

Dexus has secured two large-format industrial properties in New South Wales and Victoria, worth a combined $173 million.

The first acquisition at 37-39 Wentworth Street in Greenacre, south-west of Sydney’s CBD, is a 19,246sq m modern cold store facility leased to Real Dairy Australia and Tomkin.

The facility sits on a 4-hectare site and includes a 5,950sq m expansion currently under development for Real Dairy Australia.

In Victoria, Dexus has picked up a new 51,595sq m prime grade logistics facility in Merrifield currently being developed for Ford Australia as their national spare parts distribution centre.

The new purpose-built parts distribution facility, to be constructed by Texco, will comprise a 50,580sq m warehouse and a 900sq m office occupying an 87,691sq m site, featuring a 5-Star Green Energy rating.

Merrifield Business Park in Mickleham will eventually become the largest business park in Victoria. On completion, it will be bigger than the Melbourne CBD, spanning 415 hectares and creating up to 25,000 jobs in the process.

The properties will now be placed into the Dexus Australian Logistics Trust and will lift the developer’s industrial property portfolio to more than $5 billion.

The unlisted logistics trust has investment from Singaporean sovereign wealth fund GIC.

▲ The Dexus Australian Logistics Trust, in which Dexus holds a 51 per cent interest, has exchanged contracts to acquire two industrial properties.


Dexus chief executive Darren Steinberg said the acquisitions would build on the trust’s mandate to acquire quality, well-leased assets that would deliver favourable total returns.

The transaction harks back to similarly significant deals undertaken by Dexus over the financial year, completing or exchanging more than $1.6 billion of property acquisitions.

While the retail and office property markets have largely been in hibernation during Covid-19, sales activity across the industrial and logistics sector has carried on.

Last month, Charter Hall spent $648 million in a joint venture with Allianz Real Estate on a logistics property portfolio owned by German supermarket giant Aldi.

The listed developer also picked up an asset in Sydney’s Erskine Park, with the funds giant securing the Winc distribution facility for about $115 million—a mid- to high- four per cent yield.

Logistics giant ESR is also an eager investor in the market, having launched a $1 billion fund in March to develop and hold its own logistics assets, with several properties currently it its sights.

The Hong Kong-listed logistics platform is also eyeing new opportunities in the Asian industrial sector after announcing a US$1 billion fund alongside joint venture partners APG and Canada Pension Plan Investment Board.

CIP also recently acquired a 2.4-hectare industrial development site in Brisbane’s Bundamba, which has development approval for a 10,200sq m warehouse facility.

IndustrialAustraliaSector
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Exclusive

Brains, Guts and Determination: How Salvo Property Shapes Melbourne’s Skyline

Marisa Wikramanayake
5 Min
Fraser and Partners founder Callum Fraser
Exclusive

Saving Our CBDs: Architect’s Blueprint Paves Way for Office-to-Resi that Works

Leon Della Bosca
8 Min
Exclusive

Watchdog’s Court Loss Throws Spotlight on Union Balancing Act

Clare Burnett
6 Min
Time and Place's The Queensbridge Building at 90 Queens Bridge Street in Melbourne's Southbank.
Exclusive

Innovation Keeps Time & Place’s Southbank Skyscraper Rising

Marisa Wikramanayake
6 Min
Breathe Architecture founder Jeremy McLeod in front of his Featherweight Home design
Exclusive

Nightingale Founder’s Bid for Affordable Architectural Kit Homes

Leon Della Bosca
7 Min
View All >
PBSA DA Hindmarsh Square student accomodation tower
Student Housing

Student-Friendly Adelaide Draws 35-Storey PBSA Proposal

Renee McKeown
Novus on Victoria Chatswood
Build-to-Rent

Novus Plots Second BtR Tower for Chatswood

Renee McKeown
Westmead Gene Technologies Building EDM
Life Sciences

Plans for $272m Parramatta Biomedical Facility Go Public

Clare Burnett
The proposal for the gene therapy precinct at Westmead comes as sector investment continues to ramp up…
LATEST
PBSA DA Hindmarsh Square student accomodation tower
Student Housing

Student-Friendly Adelaide Draws 35-Storey PBSA Proposal

Renee McKeown
3 Min
Novus on Victoria Chatswood
Build-to-Rent

Novus Plots Second BtR Tower for Chatswood

Renee McKeown
2 Min
Westmead Gene Technologies Building EDM
Life Sciences

Plans for $272m Parramatta Biomedical Facility Go Public

Clare Burnett
3 Min
Exclusive

Brains, Guts and Determination: How Salvo Property Shapes Melbourne’s Skyline

Marisa Wikramanayake
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/dexus-acquires-173m-industrial-assets