Barings has invested an unspecified sum to acquire an industrial estate in Sydney’s west on behalf of its Australian value-add real estate fund.
The Smithfield Industrial Estate asset is one of three seed assets in the Barings Real Estate Australia Value Add Fund (BRAVA) V. The multi-sector portfolio represents a total investment of A$686m (€387m).
Barings had previously said that the first two assets cost A$450m.
The Smithfield Industrial Estate consists of two multi-unit estates on opposite sides of Woodpark Road, offering a combined gross lettable area of 31,983sqm across a 56,995sqm site.
Shaun Hannah, managing director, real estate at Barings, said: “This acquisition provides Barings with exposure to Sydney’s tightly held industrial market, which continues to benefit from strong tenant demand, limited new supply, and robust underlying land values.
“Smithfield Industrial Estate’s multi-tenanted profile and significant value-add potential align with our strategy to deliver resilient income and capital growth for our investors.”
To read the latest IPE Real Assets magazine click here.
