Australian rail company Pacific National is selling the St Mary’s Intermodal Terminal to PGIM Real Estate and Cadence Property for A$145m (€82.9m).
PGIM Real Estate and Cadence Property said they have agreed to acquire the last-mile logistics and infrastructure asset located at 2 Forrester Road, St Mary’s in Western Sydney.
The property comprising 157,669sqm of land with a 95,940sqm gross lettable area, features a 1.5km rail spur as well as a 20,000sqm hardstand expansion works expected to begin shortly.
As part of the acquisition, PGIM Real Estate and Cadence Property said they have also entered a new 20-year lease with existing tenant ACFS Port Logistics.
Charlie Buxton, CEO of Cadence Property, said: “This was a unique infrastructure-aligned asset that presented an opportunity to work with the sitting tenant to expand the asset and create value for all parties.
“Managing the purchase, lease and planned expansion works simultaneously required creativity and a high level of execution – both of which play to the strengths of our team and integrated business model.”
PGIM Real Estate is investing via its Asia core strategy.
Steve Bulloch, MD and head of Australia at PGIM Real Estate, said: “The opportunity to acquire a unique asset like this, with strong real estate and infrastructure characteristics, was attractive to us and the ability to substantially de-risk it by having a long-term tenant in place prior to acquisition added to the appeal.“
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