Dexus Australian Logistics Trust (DALT) has acquired two properties for A$173.5m (€107m).
DALT, a 49-51 partnership between GIC and Dexus, purchased the logistics facilities in Western Sydney and Melbourne.
Each investor in DALT will fund its respective share of acquisition costs. Dexus will fund its interest of A$88.5m from existing debt facilities.
The Sydney asset is a 19,246sqm cold store and ambient facility leased to Real Dairy Australia and Tomkin. It includes 5,950sqm of expansion space currently under development for Real Dairy Australia.
The Melbourne facility is a brand new 51,595sqm prime grade logistics facility currently being developed for Ford Australia as a national distribution centre for spare parts.
Darren Steinberg, Dexus CEO, said: “These acquisitions build on the Dexus Australian Logistics Trust’s mandate to acquire quality, well-leased assets that deliver favourable total returns.”
With the latest acquisition, Dexus has lifted its portfolio of industrial assets under management to more than A$5bn.
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