Charter Hall and Dutch pension fund manager PGGM have added another site in Brisbane to their industrial partnership, lifting their jointly-owned portfolio in Australia to A$560m (€371m).

The wholesale Charter Hall PGGM Industrial Partnership (CHPIP), which commenced in 2019, bought the 1.56ha Bowen Hills brownfield industrial site for A$60m.

Charter Hall managing director and group CEO, David Harrison, said, “CHPIP is currently performing due diligence on the $1.6bn Irongate portfolio,” following last month’s offer for the ASX-listed property trust.

Charter Hall chief investment officer, Sean McMahon, described the Bowen Hills property, its latest purchase, as a strategic inner- brownfield asset surrounded by high-quality residential and commercial uses.

It had potential to be developed into higher and better uses in the medium term, he said, adding that the site was well-positioned for last-mile or multi-level strategies in the future, providing multiple redevelopment scenarios.

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