Blackstone banks $75m from Sydney warehouse
Two major Eastern Creek commercial properties have traded.
In the biggest deal, Blackstone has sold a warehouse acquired six years ago with a leaseback from Kuehne & Nagel.
The asset manager is banking $75 million for the 3.6 hectare investment, 12 Kangaroo Avenue (pictured, top).
Gateway Capital is the buyer; it will be a seed asset for a new fund it is estimated will hold some c$800m of product, on behalf of capital partners.
Savills’ Michael Wall and John Swanson were the agents.
Gateway builds book
Blackstone paid $46.5m for 12 Kangaroo Ave just before the national COVID lockdown.
The lettable area is 20,851 sqm.
There is nearly five years left to run on the lease.
The deal comes six months since the manager with the Ontario Teachers’ Pension Plan and Korea Investment Corporation, outlaid $330m for the Connect Central business park at Villawood, with 12 buildings containing 69,000 square metres.
Shortly after Gateway sold five east coast industrial investments for a total $135m.
Office fetches $39m
Meanwhile, the offshore backed investor which in late 2022 paid Centuria $34.5m for the outgoing Garmin Australasia headquarters, has sold off-market.
This time around, 30 Clay Place collected $39m – from an occupier.
Over three levels, the property contains 3157 sqm of warehousing and 3026 sqm of offices and amenities. There is also secured parking.
CBRE’s John Micallef and Jason Edge were the agents.
Eastern Creek is about 35 kilometres west of Sydney’s CBD.
More to come.
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