A joint venture comprising GPT and Vancouver-based QuadReal has acquired two east coast investments.
In Melbourne, the partnership, GPT QuadReal Logistics Trust, has picked up a $128 million industrial estate on a funds-through basis from Cadence Property Group.
Keylink, at Keysborough, will contain 60,640 square metres in three buildings.
Construction will start on a speculative basis next quarter.
“With prime vacancy in Melbourne’s south eastern industrial precinct sitting at below one per cent, the market is severely undersupplied of quality logistics accommodation with current demand significantly outstripping supply,” Cadence managing director Charlie Buxton said.
“This project should come on at a great time to satisfy some of that demand with strong tenant enquiry already evident at this early stage,” he added.
The deal comes two months since the developer sold Centuria an $88.8m industrial park at neighbouring Dandenong South, again on a speculative basis.
In a second deal announced today, GPT QuadReal Logistics Trust has purchased an industrial development site at Brisbane’s south-west Wacol.
Close to the Centenary and Ipswich motorways, the Coulson Street plot is earmarked for a 17,380 square metre warehouse.
Its end value, the buyers said, should exceed $40m (story continues below).
The vendor, a private investor, was represented by CBRE’s Chris O’Brien.
“The logistics sector continues to benefit from structural tailwinds, with increasing investment in the supply chain, along with the growth of e-commerce, driving high demand from tenants for a range of industrial uses,” GPT head of Office and Logistics, Matthew Faddy, said.
“As investment demand for quality assets continues to outstrip supply, our growth in the logistics sector is being delivered through both astute acquisitions and build-to-core developments, and we continue to capitalise on our strong relationships with occupiers to deliver benefits for GPT and our partners,” he added.
GPT QuadReal Logistics Trust
GPT QuadReal Logistics Trust was established in February with an $800m initial mandate.
It holds two more industrial investments – another in Wacol, at Metroplex Place, worth c$38m.
In Melbourne’s west Truganina, the group owns a $137m asset, also acquired on a funds through basis.
QuadReal controls over seven million sqm of single and multi-tenanted industrial real estate globally.
As part of the joint venture, GPT will provide investment management, capital transaction, property management and development services.
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