Australian property manager KM Property Funds and PGIM Real Estate have acquired an industrial and logistics estate in Queensland for an undisclosed sum.
The estate in Yatala comprises four freestanding fully let warehouses located on a large site area of 9.6 hectares.
This transaction marks the second investment within nine months for the joint venture between KM Property Fund and PGIM Real Estate.
Nick Crockett, partner at KM Property Funds, said: “We continue to build our national industrial operating partner capability and are delighted to once again partner with PGIM Real Estate on this exciting transaction.
“The compelling risk return profile of the estate makes it an excellent asset to be added to our portfolio.”
Steve Bulloch, managing director and head of Australia at PGIM Real Estate said, “We like the prospects for this sub-market and the high quality, multi-tenanted asset. The partnership with KM Property Funds on this acquisition aligns with our thesis of targeting high-quality assets with rental reversion potential that will be attractive to core capital investors in the future.”
Ryan Korda, partner – industrial investments at KM Property Funds, said: “We are particularly excited about the Yatala micro-location due to its proximity to both Brisbane and the Gold Coast, which will continue to capitalise on the diverse occupier pool and low vacancy rate.
“The accommodation itself is best in class with ideal tenancy sizes and excellent truck loading, which is a credit to Stockland and their development team.”
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