Centuria Industrial REIT (CIP) has spent $27 million on another Arndell Park distribution centre.
The 9400 square metre facility at 29-31 Penelope Crescent previously traded in 2013 for $12.35m.
The structure spreads a low 49 per cent of the 1.9 hectare site.
Civil and construction infrastructure supplier Jaybro Pty Ltd is on a lease expiring in 2.2 years.
CIP has held nearby 8 Penelope Cr, Arndell Park, since it took over the bulk of 360 Capital Group’s real estate platform in 2016.
At the time, that asset – with 11,420 sqm on 1.98ha – was worth $15.5m.
In its 1H21 results, the manager priced it at $23m.
Arndell Park is about 40 kilometres west of Sydney.
29-31 Penelope Crescent, Arndell Park
The acquisition of 29-31 Penelope Cr, Arndell Park, brings to $784m, the amount CIP has spent on assets this financial year (story continues below).
The bulk ($416.7m) was paid to Telstra for a Melbourne data centre on 3.2ha.
In January it outlaid another $37.25m for two more properties in that city.
Two months ago CIP spent $26.25m on a former Bunnings warehouse on 1.7ha in Sydney’s Bella Vista.
“The acquisition (of 29-31 Penelope Cr) is CIP’s second strategic, infill Sydney industrial transaction within seven weeks,” CIP fund manager Jesse Curtis said.
“The high-demand Arndell Park market is characteristic of limited warehouse stock and benefits from its infill location, close to major infrastructure,” according to the executive.
“It increases CIP’s exposure to Sydney’s central western industrial market and supports the REIT’s strategy of securing high-quality industrial assets within infill markets”.
CIP is due to settle in September.
Its portfolio of 62 assets is worth over $2.6 billion.