Propertylink buys two Australian logistics assets for $45.6m

Propertylink has bought two Australian assets for AUD45.6m (€30m).

The fund manager’s clients include Goldman Sachs, Grosvenor Group, Townsend Group, Moelis Asset Management, M&G Investments and Al Salam Bank Bahrain.

Propertylink said it bought a logistics property with a long lease in Ormeau’s Gold Coast Yatala Enterprise Area for $29m at a 7% yield.

The 9,590sqm property is 100% leased for 11 years to Seabest International, a frozen seafood supplier in the Australian retail market.

Stephen Day, managing director at Propertylink, said: “The purchase at Ormeau adds to our growing portfolio in Australia’s fresh food industry, a sector that is growing trade significantly with our near Asian neighbours.”

The Propertylink’s Australian Industrial Partnership II vehicle bought a logistics property in Sydney for $16.6m at an 8.3% yield.

The 13,865sqm property, in Wetherill Park, is 100% leased for five years to Border Express, a national transport and distribution firm.

As reported in September, Propertylink was targeting AUD700m in assets, with a cornerstone investment from Townsend Group.

The investment manager was looking to raise AUD300m in equity for the fund.