Asset managers trade Perth industrial park
Corval has snapped up a 10 year old Bibra Lake industrial park.
The 2.81 hectare asset, 16 Aspiration Circuit, cost $34.6 million following an off-market campaign.
Charter Hall was the seller.
It and Dutch pension fund PGGM picked up the property with their acquisition of Irongate Group stapled securities in 2022.
Irongate paid $26m in 2021.
Corval invests again
The Bibra Lake property contains eight tenancies, between 1500-2100 square metres – a total 16,861 square metres – and 296 car parks.
Firesafe Group, Titan Storge and Ultimate 4WD are amongst the occupiers.
The deal comes five weeks since we reported Corval bought 11 of 13 buildings within the Brisbane Technology Park for $115.3m.
That seller was Dexus.
The net passing yield was 7.7 per cet.
In June meanwhile, Corval, led by Multiplex founder Andrew Roberts, bought two New South Wales Investments from Cordina Group with a leaseback.
That outlay was $103.5m, a 5.7pc initial passing return.
Bibra Lake is about 16 kilometres south of Perth’s CBD.
It is also near the Roe Highway and Kwinana Freeway, two key metropolitan roads.
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