Lendlease-managed Australian Prime Property Fund Industrial (APPF Industrial) is acquiring an asset in Sydney’s West for A$47m (€28m).
The property has a site area of 3.2 hectares and currently comprises a 12,979sqm warehouse and office secured by a short-term lease to a snack food manufacturer.
The fund plans to unlock further value as the site sits adjacent to its existing holding by redeveloping both sites into a “best-in-class” multi-level logistics facility.
Tim Simpson, fund manager, APPF Industrial, said: “Smithfield is a highly desirable location in Sydney and when complete this development will improve warehousing solutions for our customers, helping them to manage their supply chain expenses and business expansion needs in a land-constrained market.”
Simpson said: “On a global scale, Australia is under catering for high quality and thoughtfully designed infill logistics properties to meet the accelerating shifts in consumer habits where tenants require fast and efficient supply chains. We’re driving our platform strategy to become a dominant developer and manager of infill and urban logistics.”
The acquisition brings APPF Industrial’s portfolio of assets to 45.
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