Lendlease has bought three industrial assets in Australia from Mirvac and Morgan Stanley Real Estate Investing (MSREI) for A$161m (€100m).
The assets were held in a 10-90 Mirvac-MSREI partnership known as Mirvac Industrial Logistics Partnership.
Lendlease said the fully-occupied assets were located in Campbelltown, in Sydney’s Southwest, and in Melbourne’s Altona, which houses Melbourne’s key logistics precincts.
The two Melbourne assets adjoin existing APPF Industrial holdings, offering the potential to expand lot sizes, improve amenity and enable future development through a variety of site consolidation options.
Scott Mosely, Lendlease managing director, funds management, said: “This is a high-quality portfolio of modern, well-leased assets in tightly-held precincts set to continue to benefit from strong demand tailwinds.
“With two of the assets adjoining the fund’s existing holdings, this strategic acquisition provides multiple opportunities to unlock synergies and add further value for our investors.”
The acquisition increases the Lendlease-managed Australian Prime Property Industrial Fund portfolio to a total of 39 assets, valued at around A$1.6bn.
To read the digital edition of the latest IPE Real Assets magazine click here.