Charter Hall Prime Industrial Fund (CPIF) and its sister entity, the Charter Hall Direct Industrial Fund No 4, have acquired another logistics property in Sydney, for A$115m (€71m).
The facility was originally developed in 2008 for the tenant, office supplies firm Winc, as its national distribution centre. The vendor has entered a new 12-year lease from August.
Richard Mason, fund manager of CPIF, said the acquisition was a rare opportunity to secure a major logistics facility in the tightly-held Western Sydney growth corridor, with close proximity to major highways and new infrastructure projects underway, including the Badgerys Creek Aerotropolis.
Badgerys Creek, which is now under construction will be Sydney’s second international airport.
Miriam Patterson, fund manager for Direct Property, said that, with the latest acquisition, her fund’s industrial portfolio was now approaching A$800m, with a portfolio weighted average lease expiry of around 10 years.
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