Cadence, PGIM snare Sydney intermodal facility
Cadence and PGIM have acquired an intermodal facility west of Sydney off-market.
The 9.89 hectare site, 2 Forrester Road, St Marys – the St Marys Intermodal Facility – is costing $145 million from Pacific International.
“This was a unique infrastructure-aligned asset that presented an opportunity to work with the sitting tenant [ACFS Port Logistics] to expand the asset and create value for all parties,” Cadence Property Group chief executive officer, Charlie Buxton, said.
The seller had been seeking to redevelop the site since before COVID.
The deal comes a month since we reported Manulife made its maiden direct Australian investment via an industrial property in the street – an ex-Masters at #243, in St Marys North, for over $56m.
St Marys is about 48 kilometres from Sydney’s CBD.
Asset stake slotted for PGIM fund
PGIM will slot the stake of the St Marys asset in the PGIM Real Estate Asia Core Strategy.
“The opportunity to acquire a unique asset like this with strong real estate and infrastructure characteristics, was attractive to us and the ability to substantially de-risk it by having a long-term tenant in place prior to acquisition added to the appeal, PGIM Managing Director and Head of Australia at PGIM Real Estate, Steve Bulloch, said.
CBRE’s Jason Edge, Cameron Grier and John Micallef were the agents.
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