APN has picked up two warehouses for its Industria REIT.
In the biggest deal, the manager is paying $24.1 million – a price reflecting a 5.1 per cent initial yield – for a 2.97 hectare investment at 137-143 Fitzgerald Road, Laverton North.
Tenanted to Period Timber Mouldings, it contains 16,335 square metres of lettable area.
Also in Melbourne, APN is paying $13.485m for 57-67 Mark Anthony Drive, Dandenong South.
Occupied by steel manufacturer UNeek Bending, it contains 7830 sqm.
The purchase price reflects a five per cent capitalisation rate.
Meanwhile in Brisbane’s Eight Mile Plains, the investor has sold 10 Brandl Street (pictured, top) for $12.55m – a 24.2pc premium to book value (story continues below).
Acquired as a value-add and re-leasing opportunity in late 2019, the office has been vacant since January.
“Recycling 10 Brandl St demonstrates our ability to make sound value judgements when buying and selling, whilst the industrial acquisitions add to our credentials of acquiring well located and functional warehouses at attractive prices,” APN fund manager Alex Abell said.
“This is consistent with our approach over many years, which has driven the total portfolio value to $1.08 billion, and we look forward to continuing to drive securityholder value moving into financial year 2022,” he added.
More to come.
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