Australian developer Hale Capital Partners has acquired an industrial complex in Melbourne from IFM Investors for around A$125m (€76m).
The Scoresby Industry Park asset, formerly owned by ISPT before its integration into IFM Investors, comprises four buildings situated on 11.3ha of land.
Nick Bradley, co-founder and joint managing director of Hale Capital Partners, told IPE Real Assets that supply constraints in that submarket was one of the asset’s biggest attractions.
“This is a quality asset with good tenants. It will have a 50% - or around 26,000 square metres – vacancy when we settle and this would give us the benefit of rental revision. The area has probably the highest rental growth in Victoria the last two to three years.”
Last month, Hale raised A$800m fresh equity for the second vintage of its opportunistic and value-add and core-plus vehicles.
“We had Oxford Properties and Warburg Pincus rev-up as part of our second series of funds,” said Bradley. These two institutions backed Hale’s first fund, and in the second series, they were joined by a global sovereign fund.
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