Barings, Goodman trade west Sydney business park
Barings has settled on another industrial investment from Goodman.
The Smithfield Industrial Estate, 28 kilometres west of Sydney, set it back $75 million.
It will be held by the fifth Real Estate Australia Value Add Fund (BRAVA5).
That trust now holds four properties worth a total $686m.
CBRE’s Shaun Timbrell and Jason Edge with Colliers’ Trent Gallagher were the agents.
The deal comes nine months since Barings with REST Super bought a portfolio of 12 industrial investments from Goodman for $780m.
In October it acquired a $425m of office and industrial portfolio including properties also set for BRAVA5.
Smithfield Industrial Estate
The Smithfield properties cover 5.97 hectares on opposite sides of Woodpark Road – #317–321 and #364–384 (story continues below).
There are a total 52 tenancies.
The total lettable area is 31,983 sqm.
There is also an onsite café.
“This acquisition provides Barings with exposure to Sydney’s tightly held industrial market which continues to benefit from strong tenant demand, limited new supply and robust underlying land values,” Barings managing director, Real Estate, Shaun Hannah, said.
“Smithfield Industrial Estate’s multi-tenanted profile and significant value-add potential align with our strategy to deliver resilient income and capital growth for our investors,” he added.
The deal come two years since Irongate paid Burstone $57.25m for a neighbouring industrial estate, covering 3.4 at 338-350 Woodpark Rd and 1 Dupas Drive.
Earlier this week meanwhile we reported Goodman sold a Mentone, Melbourne, estate for $62.7m for developer Veres.
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