ESR expands industrial estate with $17.7m deal
ESR Australia has paid $17.65 million for a seven hectare Berrinba industrial development site.
The block abuts the group’s Gilmore Industrial Estate – which will now be extended.
The amalgamated 12ha holding can accommodate about 65,000 square metres of product (artist’s impression, top).
“Berrinba is one of Brisbane’s most sought after logistics and warehousing locations…due to its direct access to wider industrial markets and connectivity to major transport networks,” the buyer said in a statement.
Ceva Logistics, DHL, McPhee Transport, Mitre 10 and QLS Logistics are amongst the precinct’s major industrial occupiers.
Block earmarked for EALP
Gilmore Industrial Estate will be held in the ESR Australian Logistics Partnership, which is majority owned by Singapore sovereign wealth fund GIC (story continues below).
“The sustained growth of e-commerce continues to drive demand for warehouse and fulfilment services; through continued strategic acquisitions, ESR is well placed to expand and enhance its capabilities to meet this growing demand,” ESR Australia general manager – Queensland, Craig Robertson said.
Colliers’ David Brisk, who brokered the deal with Nick Evans, added “Brisbane is facing a distinct shortage of zoned industrial land which reinforced the importance of this acquisition for [the buyer]”.
ESR Australia manages a portfolio worth $8 billion excluding its development pipeline.
In April, it paid Blackstone $3.4b for a portfolio of 45 warehouse investments – spread across New South Wales, Queensland, South Australia, Victoria and Western Australia.
Subscribe to our newsletter at the bottom of this page.
