Charter Hall’s Australian industrial fund has bought a site in Brisbane for A$80.55m (€48m), with plans to transform it into a A$350m industrial estate upon completion.
The Charter Hall Prime Industrial Fund (CPIF) will develop the 17.5-hectare site in the infill logistics precinct of Darra, into a 100,000sqm logistics estate.
Charter Hall managing director and CEO, David Harrison, said: “This strategic acquisition strengthens our capacity to service the full breadth of the Brisbane industrial and logistics market, and underscores our continued conviction for greenfield development sites appealing to customers from 10,000 up to 100,000sqm of lettable area.”
Jack Walters, CPIF fund manager, said: “The acquisition of this land in Darra is in line with CPIF’s strategy to invest and develop well-located, serviced and zoned land, enabling the fund to continue to provide investment-grade accommodation for tenant customers demanding brand new, high-quality, sustainable logistics.”
To read the latest IPE Real Assets magazine click here.
