Cadence Property has acquired a A$101.8m (€57.3m) logistics property in Berrinda from CapitaLand Ascendas REIT for its newly launched Australian real estate fund.
Cadence said the 9.56ha property comprising two warehouses in outer Brisbane would form a foundation for the Cadence Australian Real Estate Partnership II (CAREP II), which had undertaken the acquisition alongside private investors through the Cadence Direct Industrial Trust No 6.
Charlie Buxton, CEO at Cadence Property, said: “This is a strategic acquisition that aligns perfectly with our value-add mandate. We’re acquiring a high-quality asset in an excellent location, with low site coverage, strong underlying land value and compelling design features.
“Importantly, we’re buying well below replacement cost in a submarket supported by continued rental growth and constrained supply.”
Tony Mount, head of investment management at Cadence, said: “We have high conviction in the southern corridor and the fundamentals driving it. The combination of low vacancy, strong infrastructure connectivity and high tenant demand makes Berrinba a market we’ve wanted to enter for some time.
“This building offers scale, modern design, and the flexibility that industrial tenants increasingly seek. It’s a great first step for CAREP II and demonstrates our ability to secure value in competitive markets.”
Capitaland Ascendas REIT, which bought the asset in 2015 for A$76.8m, said it had achieved a premium of 9.5% over the independent market valuation of approximately A$93m as at 30 September 2025.
William Tay, executive director and CEO of the CapitaLand Ascendas REIT Management, said: “Including this proposed divestment, CLAR has S$396m (€263m) worth of ongoing divestments expected to be completed in the fourth quarter 2025.
“Together with the three divestments completed earlier, these transactions amount to S$498m in this financial year and underscore our disciplined capital recycling strategy to maintain financial flexibility and liquidity for accretive investment opportunities.”
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