Hong Kong giant picks up business park mid-construction
A private investment arm of Hong Kong listed Link REIT is buying its first Australian property – a business park under construction in Sydney’s west Chester Hill.
Link Real Estate Partners is paying $121.5 million for the 3.9 hectare asset set to contain 24,078 square metres in four tenancies (pictured, top).
Dexus is the seller in a 50:50 partnership with its Dexus Real Estate Partnership 1, which paid $46.3m for the land in late 2021, settling the year after.
Cushman & Wakefield agents Tony Iuliano and Adrian Rowse declined to comment.
The deal comes two weeks since we reported Dexus, for the Industria REIT, sold seven of eight buildings within the Brisbane Technology Park.
Last December meanwhile it divested a west Melbourne container handling facility, for $35.1m – a loss on the $46m excluding costs, it paid Cadence, two and a half years earlier.
Also last year, Dexus, on behalf of the Wholesale Property Fund, sold Brisbane’s Northpoint Business Park and three industrial assets, again in Brisbane, and Melbourne.
Link backs Sydney again
Chester Hill is about 25 kilometres from town.
Proceeds from the sale of 149 Orchard Road will contribute to Dexus’ earnings this financial year.
The deal comes five and a half years since we reported Link REIT paid Blackstone c$683m for a Sydney CBD office – 100 Market St.
In 2021 it outlaid $538.2m for three Sydney CBD shopping centres – The Galeries, The Queen Victoria Building and Strand Arcade.
Those assets were offered by Singapore sovereign wealth fund GIC.
Three years ago meanwhile, Link REIT snapped up a 49.9pc stake in a portfolio of five CBD offices – four in Sydney, one in Melbourne – for c$1.13 billion, from Oxford Properties.
Dexus announced the Chester Hill sale today along with another, 116-130 Gilmore Rd, Berrinba, in Brisbane, which collected $32m.
The group also reported it bought a quarter stake in Westfield Chermside from Scentre – for $683m.
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