Investment giants Dexus have purchased two industrial properties for a combined price of $173.5 million, taking the developers industrial property portfolio to more than $5 billion.
A Ford distribution centre in Victoria and an industrial site in Sydney have been snapped up by the Dexus Australian Logistics Trust, in which Dexus holds a 51% interest, as part of its wider plan to acquire quality, profitable assets.
The Ford Australia site in Merrifield is a brand new 51,595 sqm site is strategically located in an emerging industrial market with proximity to the Western Ring Road and Melbourne airport.
These acquisitions build on the Dexus Australian Logistics Trust’s mandate to acquire quality, well leased assets that deliver favourable total returns and increase the total group industrial exposure to over $5 billion.Darren Steinberg, Dexus CEO
The Sydney industrial site at 37-39 Wentworth Street, Greenacre, is a 19,246 sqm cold store and ambient facility currently leased to Real Dairy Australia and Tomkin.
The two purchases stand to increase the developers’ impressive portfolio, with the Merrifield site generating a passing yield of 5.25% and a fixed annual increase of 3.25%. The Sydney site meanwhile generates a passing yield of 5% with a fixed annual increase of 3% per annum.
The acquisitions follow the completion or exchange of over $1.6 billion in property acquisitions across the group during FY20.