Dexus spends over $100m on industrial site
Dexus has quietly purchased a Ravenhall site diagonally adjacent to its Horizon 3023 industrial estate, which is taking shape.
Via its Dexus Real Estate Partnership 1, the fund manager is speculated to be paying just over $100 million for the 46 hectare holding, 220 and part 106 Riding Boundary Road.
With the majority of frontage to Christies Rd, the land is opposite the six year old Caroline Springs train station.
A portion also abuts the Western Ring Road near where it merges with the Western Freeway.
“DREP1 is the first in a series of closed-ended opportunity funds that seek to provide wholesale investors with an enhanced return through exposure to investments in property repositioning, development, special situations and credit opportunities,” a Dexus spokesperson said.
Dexus goes west again
Dexus acquired the 127ha site later launched as Horizon 3023, for $84.7m just over four years ago; the property is held by the the manager, Dexus Australian Logistics Trust and Dexus Wholesale Property Trust.
In 2021, the landlords expanded the business park with a 6.8ha neighbouring parcel, 179 Palm Springs Rd, outlaying $18.02m (story continues below).
Occupiers to commit include Amazon, for a 37,000 square metre fulfilment centre, Electrolux, eStore Logistics, Hello Fresh, Mitre 10 and Scalzo Foods, the latter in what was the estate’s maiden deal.
With its Riding Boundary Rd acquisitions – which won’t form part of Horizon 3023 – the manager now holds 179.8ha in the high profile pocket.
Dexus raises $420m
To fund the Ravenhall deal and that of a 7000 sqm medical centre at 90 Goodchap Street, Noosaville, for the Dexus Healthcare Property Fund, the manager last week raised $420m.
“These successful equity raises deliver on our strategic objective to grow and diversify our funds management business, providing capacity for DREP1 and DHPF to execute on their respective strategies,” Dexus chief executive officer, Darren Steinberg, said.
The group added it has secured GenesisCare as a tenant to the Queensland property.
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