Colonial buys Valad Industrial Assets

Valad Property Group has made $42.9 million selling two industrial Melbourne industrial assets it bought two years ago.

Colonial First State will pick up the Melbourne International Airfreight Centre and a Brisbane industrial site for $42.9 million, almost double the $22.5 million Valad paid for the properties two years ago. It will put the assets into its Direct Property Investment fund, which is managed b Colonial First State Global Asset Management.

A Valad spokesperson told a local paper the timing of the sale was opportunistic, citing strong interest from prospective buyers encouraged them to sell some of its assets.

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