Gateway banks $135m from industrial portfolio
Gateway Capital has sold five east coast industrial investments – one in Melbourne, four in Brisbane – held since late 2021.
The asset manager, backed by the UK’s Grosvenor Group, is reaping nearly $135 million from the deals.
The buyers are a mix of institutions, private investors and owner-occupiers.
All but one traded for a premium on its outlay.
The deals come four months since we reported Gateway, with the Ontario Teachers’ Pension Plan – a partnership known as the Gateway Capital Urban Logistics Partnership, or GULP – paid Brookfield Properties $330m for Connect Central – a three month old, 69,000 sqm industrial estate on 12 hectares in Sydney’s Villawood.
In 2023 meanwhile, the pair acquired the 19.6ha Axxess Corporate Park, in Melbourne’s Mount Waverley, from Dexus for $306.2m.
Gateway sheds five assets
The priciest of the five properties just offloaded by Gateway – 227-247 Fleming Road, Hemmant, collected $46.6m.
It paid Centennial $36.1m; on 6.54ha, it contains 15,233 sqm split as 25 units, covering 25pc of the block.
Irongate, backed by South Africa’s Burstone Group, is the buyer.
The result reflects a 6.44 per cent yield.
Elsewhere in Brisbane, three neighbouring Acacia Ridge properties have sold.
The most valuable – 163 Ingram Road, with eight buildings split as 10 tenancies on 1.76ha, collected $28.53m, a touch less than then $29m it paid.
Also on the street, #189 traded for $17m – a 5.54pc yield.
On 2.02ha, it contains 8699 sqm.
Gateway paid $12m.
Meanwhile, 149-157 Jacksons Road – a property also known as 36 Landseer Street, Sunnybank Hills – is also trading for $17m.
With 8577 sqm three buildings, on 1.9ha, this result demonstrates a capital gain on $12m too.
The final asset, 97-103 Boundary Rd, Laverton North (pictured, top), in Melbourne’s west, is selling for $25.4m, a sub six per cent yield.
Also on two hectares, it contains 7053 sqm in three buildings.
Cushman & Wakefield’s Tony Iuliano, Gary Hyland, Adrian Rowse and Morgan Ruig were the agents.
Colliers’ Gavin Bishop, Sean Thomson, David Brisk and Nick Evans were conjunctional on the Queensland properties.
Subscribe to our newsletter at the bottom of this page.
