Diversified property investors Charter Hall have acquired a Melbourne industrial site for $87 million, as they look to expand their logistics portfolio.
Following on from their newly formed $800 million partnership with Dutch pension investors, PGGM, Australian-based Charter Hall Group have secured their fourth investment in recent months as part of a joint logistics venture.
Charter Hall Group’s CIO, Mr Sean McMahon, said: “We have cultivated an excellent relationship with PGGM over a number of years and this has culminated in the creation of this new logistics partnership.”
The purchase of the Melbourne industrial site in a sale and leaseback deal means that the pair’s combined portfolio value now sits at $300 million.
We are well underway in building a nationally diversified logistics portfolio.Charter Hall CIO – Sean McMahon
With the ecommerce sector growing in the wake of COVID-19, the demand for industrial and logistics assets has also risen – enter, Charter Hall.
Another standout purchase in recent months includes the $207 million acquisition of a vast distribution centre in Minto, south-west Sydney.
“Charter Hall is using its deep access to deal flow and will use its in-house development skills to add value to brownfield investments such as Minto,” said Mr McMahon.
PGGM’s Senior Director APAC, Ronald Bausch, said that his company are delighted to build a relationship with the property fund manager and capitalise on growing market trends.
“PGGM is pleased to be building this new partnership with Charter Hall in the Australian logistics sector and the team have made very good progress in securing $300 million of assets to date and we are busy looking at new opportunities that fit with the mandate.
Australian logistics remains an attractive relative investment and we look forward to building a scale relationship with Charter Hall.PPGM Senior Director APAC – Ronald Bausch