EG snaps up another property for ACE
EG has purchased the ninth investment for its Australian Core Enhanced Fund (ACE).
The 12,157 square metre warehouse, 28 Flint Street, Richlands (artist’s impression, top), is costing $21.5 million.
The vendor, Frasers Property Industrial, will now build it.
ACE is worth c$725m; this value more than doubled in recent weeks following the acquisition of three Sydney office investments from Brookfield and Swiss Re.
The diversified open-ended trust in April received a $500m commitment from Dutch pension fund PGGM.
28 Flint Street, Richlands
Richlands is a major industrial precinct about 20 kilometres south west of Brisbane (story continues below).
“28 Flint St…fits well within the EG ACE strategy to acquire assets in locations with strong underlying fundamentals,” senior manager – Capital Transactions, Will Clark, said.
“This will be another high-quality addition to the portfolio, continuing our focus on ensuring our assets are equipped to meet the ever-evolving requirements of our tenants,” he added.
The deal was brokered by CBRE’s Jack Pershouse and Peter Turnbull.
In February, for ACE, EG paid $32m for a small Mansfield industrial park.
Three years ago the manager spent $46.2m on a CBD office for its High Income Sustainable Office Trust.
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