EG Funds has sold two industrial properties from its Australian Core Enhanced (ACE) Fund in Sydney’s Southwest for a combined total of A$101.1m (€60m).
The sales, which chalked up a combined 41% increase in value since acquisition in 2020 and 2021, reflected strong buyer interest, the fund manager said.
EG Funds acquired the assets at Ingleburn and Matraville and enhanced their value through building repositioning and tenancy mix adjustments.
Samual Robbie, fund manager of the open-ended ACE Fund, said: “These transactions highlight the strength of our strategy to acquire under-rented assets with clear pathways for value creation. Both properties exemplify how our active management approach delivers exceptional results for our investors.”
Sean Fleming, head of capital transactions at EG Funds, said: “By identifying under-performing assets and leveraging their potential, we’ve demonstrated the success of our disciplined investment strategy. These sales are a testament to our ability to generate strong returns in a competitive market.”
Post-divestment, the ACE Fund portfolio comprises 11 assets with a total value of around A$1bn.
To read the latest IPE Real Assets magazine click here.
