Kinkora buys another IOS investment
EXCLUSIVE
Kinkora Investments, the new name for KM Property Funds, has picked up an industrial outdoor storage site beside the former Melbourne Market.
The asset manager paid $35.2 million for the 2.78 hectare property, 642-658 Footscray Road, West Melbourne.
With 21,254 square metres in several buildings, it has been occupied decades by L Arthur Transport Services.
Two hundred metres from the Port of Melbourne and twice that to a rail freight terminal, the land and two neighbouring parcels (632-640 and 660-670 Footscray Rd) have since 2022 been endorsed for a rezone, to open space (continues below).
The deal comes a month since we reported Kinkora outlaid $64.2m for a 12.47ha Laverton North site, also with plans for an IOS investment.
Offered by Swiss listed Holcim with a part-leaseback, that property will be held by a $500m Starwood Capital backed mandate.
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