Australian manager Centuria Capital and global investor BGO have bought three warehouses in Western Sydney for A$201m (€115m).
BGO will have a 95% ownership with Centuria holding 5% of the 45,000sqm asset. Centuria will be the investment and property manager for its partner.
Australian company, Cliffbrook Capital, represents BGO in the Australian market.
Jason Huljich, Centuria Joint CEO, said: “This type of institutional partnership speaks to the strong appetite from international capital seeking to harness the domestic industrial sector tailwinds, particularly within infill markets which benefit from proximity to households and businesses alike.”
Jesse Curtis, Centuria head of funds management, said: “This Western Sydney portfolio again illustrates Centuria’s ability to secure rare, off-market quality assets for our institutional partners.
“With Australia’s burgeoning population increasing demand from the industrial and logistic sector, coupled with limited new supply within infill markets, we believe macroeconomic tailwinds for the sector will persist throughout the medium term.”
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