New JV acquires logistics assets including c$50 million Siemens warehouse in Melbourne’s Bayswater
Singapore’s listed Straits Trading Company Limited has announced a joint venture partnership with Commercial & General to manage a portfolio of five Australian logistics assets worth a total of $130.5 million.
Straits Trading subsidiary Straits Real Estate will hold an 80 per cent interest in the asset holding named ILP No 1 Trust. It will also control 50 per cent of ILP Managers Pty Ltd, a company which provides investment management services.
The JV announced on Wednesday that the Trust is spending $94 million on three of these property investments.
In Melbourne the group is buying the office and warehouse of telecommunications company Siemens at 885 Mountain Highway in Bayswater (pictured, top).
The statement did not specify the price of this 30,000 square metre asset, about 36 kilometres east of the CBD. However The Australian is reporting today that the Siemens property is worth about $50 million.
The Trust is acquiring two more assets, in South Australia – a 46,000 sqm distribution centre and a 15.2 hectare industrial site adjacent to it. Both these holdings are in Salisbury, about 21 kilometres north of the Adelaide CBD.
The purchase of the land parcel is conditional on approval by the Foreign Investment Review Board.
Two other assets to be held by the ILP No 1 Trust are also in South Australia and include an unbuilt 50,000 sqm distribution centre in Kilkenny and a 17,000 sqm logistics asset in Port Adelaide.
