DBRREEF Buys Bunnings Warehouse in South Australia

DB RREEF, on behalf of its direct property mandate with AXA Wholesale Australia Property Fund (WAPF), today announced it had entered into the South Australian retail market with the acquisition of a property in Modbury for $18.5 million.

The 7,011 square metre, freestanding property at 933-945 North East Road is fully leased to Bunnings Warehouse for 13 years, commencing 24 January 2007.

The property is located in the Modbury Regional Precinct – a mixed commercial, retail and trade area – and is 14 kilometres north-east of the Adelaide CBD and nearby to the Westfield Tea Tree Shopping Centre.

WAPF Fund Manager at DB RREEF, Robyn Scott, said: “The North East Road purchase will be the fourth retail asset for the AXA Wholesale Australian Property Fund and provides further diversification into South Australia.”

“We are looking forward to working with the Bunnings Group, a leader in the garden and hardware supply industry.”

Ian Thomas and Paul van Ressema of Colliers International (Adelaide), who worked with DB RREEF on the acquisition, said the Adelaide property market had become more of a focus recently because of the resource and mining boom".

Ian Thomas said: “The North East Road acquisition by DB RREEF is reflective of the resurgence in demand for institutional grade assets in Adelaide.”

Related Items :

• DB RREEF Buys St Kilda Road Office Building for $65.5 Million
• DB RREEF Wholesale Property Fund (DWPF) to Redevelop Willows Shoppingtown, Townsville
• Investors flock to SA while vacancy rates remain low
• Calm before storm as rental vacancies ease
• Lend Lease acquires Craigieburn Town Centre in Melbourne For $73.5 Million
• Adelaide's rental market tightens
• DB RREEF Signs Rio Tinto For Brisbane Office Building at 123 Albert Street
• Devine Buys 30 Hectares of Land in Meadows, South Australia