Dexus and its managed Industria REIT (Industria) – formerly the APN Industria REIT – have picked up a Moorebank industrial site with plans for a c34,000 square metre logistics park.
The outlay is $44 million including stamp duty and other acquisition costs.
Both parties will hold an equal share.
Industria will tip in c$40m for construction.
The proposed asset will be multi-level with 15-20 units.
The parcel, 112 Church Street, is near the Moorebank Intermodal facility, owned by Qube.
Another Moorebank deal
The acquisition comes eight months since Qube sold 243 hectares around the intermodal facility, and the investment holding Moorebank Warehouse Trust, for $1.67 billion (story continues below).
The buyer, LOGOS, later called in four investment partners to retain and develop the asset including Australian Super, T-Corp (held by the NSW Treasury Corporation), AXA IM Alts and Ivanhoé Cambridge.
Dexus’ proposed project is due for completion in mid-2024.
“Moorebank is a major last mile logistics hub located within the local government area that is ranked the fourth highest for online buying (by volume) in Victoria,” the buyer said.
“There is also a limited supply of premium small units for last mile users, including third party logistics operators and direct retailers”.
With the deal, Industria’s exposure to development sites increases from six to eight per cent.
Dexus took over APN in August.
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