Arrow spends $50m on Brisbane industrial sites
Arrow Capital Partners is spending $50 million on three Brisbane industrial sites.
The deal includes 14 hectares at the Citiswich Business Park (image of estate, top) at Bundamba, south west of the CBD, upon which it plans to construct 50,000 square metres of warehousing.
Another tract – at Yatala – spreads two ha and is earmarked for a 10,000 sqm factory.
Arrow will build this asset speculatively.
The third property, understood to be 72 Aquarium Avenue, on 3.1ha at Hemmant, contains a four year old warehouse and hardstand facility leased to Besix Watpac until 2028.
An undeveloped portion abutting the structure is also earmarked for a 10,000 sqm speculative warehouse (story continues below).
Upon completion of the new buildings, the assets are expected to be worth a total of about $200m.
The acquisitions come four months since Arrow paid Ascendas Reit $101.6m for two Heathwood industrial investments – 82 Noosa St, which contains 38,000 sqm and is leased to Coles, and 62 Stradbroke – which includes 24,555 sqm in two warehouses – rented one each to Linfox and Nambour Transport.
The six properties will be held by the manager’s SIRE Australia venture, which is now worth $450m.
“Arrow sees a shortage of supply in a number of markets as the e-commerce penetration effect continues to accelerate at a fast pace, consistent with its experience in Europe where Arrow’s portfolio has been growing rapidly and now exceeds $3 billion,” a statement said.
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