Goldman Sachs Alternatives has acquired seven last-mile logistics properties in Australia from the Sydney-based investment firm, Fife Capital.
IPE Real Asset understands that the asset manager paid about A$200m (€122m) for the 65,300sqm portfolio in Adelaide, Brisbane, Perth and Melbourne.
Goldman Sachs Alternatives said it plans to scale the portfolio through additional acquisitions and execute on a broad, value-creation plan to upgrade the efficiency of the assets.
Nikhil Reddy, head of Asia Pacific real estate at Goldman Sachs Alternatives, said: “This investment highlights our continued commitment to Australian real estate and reflects our conviction in sourcing Australian last-mile logistics properties for our investors.
“Logistics is an attractive sector which benefits from demographic trends and technological advancements. Australia is especially compelling for value creation because it is supported by economic and population growth, alongside historically limited supply.”
Goldman Sachs previously established the PropertyLink Australian Industrial Partnership (PAIP), a 75/25 joint venture with Sydney-based real estate investment manager PropertyLink, to acquire a portfolio of secondary value-add industrial properties in Australia.
PAIP was later listed on the Australian Stock Exchange raising more than A$500m as a pure play industrial real estate investment trust.
Since 2017, the firm has allocated A$6.2bn in industrial assets, office and commercial properties and data centres and has deployed more than A$13bn in alternative investments in Australia since 2012.
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