Dexus has paid $44.5 million for an industrial investment in Brisbane’s north Narangba.
The price for 9 Boron Street reflects a 5.3 per cent yield.
Leased for seven years to Sandvik Australia Holdings, the 3.68 hectare property contains an 11,840 square metre warehouse which covers just 32pc of the block.
Dexus said this low site coverage provides potential scope to value add over the medium term.
The asset, marketed by JLL’s Nick Bandiera, Tony Iuliano and Gary Hyland, will be held in the Industria REIT (story continues below).
“This acquisition is consistent with our strategy and builds on the recent acquisition momentum, as we continue to leverage Dexus’ fully integrated platform to access opportunities that deliver attractive returns and future growth for investors,” fund manager Alex Abell said.
Dexus also announced this week that it settled on a 33.3pc stake in Perth’s Jandakot Airport, 49 investments around it, and 80ha of land, for $298m.
Subscribe to our newsletter at the bottom of this page.