EG adds 10th property to ACE
EG has acquired the 10th property for its diversified Australian Core Enhanced fund (ACE).
The 9312 square metre industrial investment at 81-87 Beauchamp Road, Matraville, is costing $33 million.
Home Timber and Hardware, a Metcash brand, is the occupier; there is 6319 sqm of gross lettable area.
Its lease runs three more years.
Colliers’ Trent Gallagher was the agent.
Matraville is nine kilometres south east of Sydney, near Port Botany and Kingsford Smith Airport.
Tenth asset for ACE
ACE is an open-ended fund which aims to reposition assets (story continues below).
It is flush with capital following a $500m commitment in April from Dutch pension fund PGGM.
The Beauchamp Road purchase comes six weeks since EG, for the trust, paid Frasers Property Industrial $21.5m for a Richlands industrial investment.
Also last quarter, the manager spent $450m on three Sydney offices including 32 Walker Street, North Sydney and 50 Carrington St, in the CBD.
In May, the group acquired a Melbourne commercial building, in riverside Abbotsford, with significant development upside.
Early this year, an industrial investment in Brisbane’s Mansfield was tipped into the fund.
In Sydney, EG Ace also holds a Bunnings at Rockdale, an Ingleburn business park and a distribution centre in Kurnell – on the opposite side of Botany Bay to Matraville.
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