EG is paying $32 million for a 24 unit industrial investment at Brisbane’s south east Mansfield.
The 140 Wecker Road property will be tipped into the EG Australian Core Enhanced Fund (ACE), which was launched in June, 2019.
Its latest acquisition is five per cent vacant
The Weighted Average Lease Expiry is two years.
Major occupiers include Australia Post, GJ Gardner Homes, Q-Ford, Repco, Storage King and Toll.
Near Upper Mount Gravatt, Mansfield is 12 kilometres from the city and a little more to Brisbane Airport and Port of Brisbane (story continues below).
“The asset fits well with the fund’s strategy to acquire industrial [properties] in land constrained markets with strong leasing fundamentals,” EG ACE fund manager, Michael Noblet, said.
The trust buys industrial, office and retail product “where value can be added by implementing active asset management strategies”.
It now holds five properties.
The Mansfield acquisition comes two months since the manager paid $48.75m for a Bunnings with a short WALE near Sydney Airport.
Last August, for EG ACE, it paid Bob Ell’s Leda Holdings $38.2m for an Ingleburn industrial investment with three buildings.