Exceed reweighs portfolio
Exceed Capital has sold its first investment – a retail centre bought in 2017, in Brisbane’s outer south east.
The asset manager is banking $19.5 million for 137 George Street, Beenleigh, with showrooms leased to Autobarn, F45, Jaycar, Petbarn and Supercheap Auto.
There is 4423 square metres including 424 sqm in a second storey office, leased to Safe Place for Children.
The site spreads 8195 sqm with 114 car parks.
The weighted average lease expiry in March was 4.24 years.
Brisbane based Exceed paid $11.6m.
The incoming owner is a Sydney based private investor.
Exceed spends $92.141m
The deal comes three months since we reported Exceed bought three assets, the priciest, neighbouring office within the Brisbane Technology Park, from Dexus, for $45.8m.
Exceed also acquired the Bundaberg Community Health Centre at 312 Bourbong Street, Bundaberg – with 2024 sqm on a 2023 sqm site – for $9.85m and a four level, 2044 sqm Newcastle office, 330 Maitland Road, on 1334 sqm ($9.991m).
In September meanwhile, we reported Exceed paid HMC Capital $26.5m for Vitality Village, a five level wellness centre on 4636 sqm at 5 Discovery Court, Birtinya, on the Sunshine Coast.
The blended yield for these four properties is 8.5pc, the buyer said (continues below).
Two more deals close
Beenleigh is about 35 kilometres from Brisbane’s CBD.
“The off-market sale of Exceed’s first asset, in Beenleigh, was a disciplined exit where further value had largely been realised,” Justin Clarke, co-founder with Vaughan Hayne, said.
“We don’t sell many assets because they’re hard to replace but in this case the time was right,” he added.
“Investors received 1.7 times their initial capital along with a health cash return along the way,” according to the executive.
“The majority are rolling back in with us – which tells you a lot about alignment and outcomes.
“Capital for recent deals has been raised through Exceed’s open ended fund, The Collective, which…is designed to minimise risk through diversification while enabling swift execution when opportunities arise.
“The Collective gives us the ability to move quickly and precisely”.
Two more deals are nearing completion, Mr Clarke said.
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