MA sheds Adelaide logistics investment
MA Financial has sold an industrial investment bought mid-construction in 2021.
The asset manager banked $12.125 million for 67-75 Kaurna Avenue, in Adelaide’s outer north Edinburgh.
It paid $9.7m for the MA Prime Logistics Fund (MAPLF).
The property was being developed for M3 Logistics which had pre-committed until 2028 with two five-year options.
The rental agreement has fixed 2.75pc rent rises.
Edinburgh was one two Adelaide industrial investments MA Financial, then known as Moelis, bought.
The other, 16-26 Caribou Drive, Direk, with a lease to Scott’s Refrigerated Logistics (via the former Rand Transport) expiring in 2035 with three five year options, cost $63.1m and sold in 2024 for $61.1m.
It was held by the MA Prime Logistics Fund in which MAPLF controlled 60.1 per cent.
MA sells Adelaide warehouse
On 1.57 hectares opposite a Coles distribution centre owned by Charter Hall, 67-75 Kaurna Ave contains a 6767 square metre facility with a 991 sqm canopy (continues below).
The improvement covers 49pc of the block offering upside for an extension of small new-build.
The sale, to a local private investor, was struck at a 5.28pc net passing yield.
This pocket of Edinburgh is about 25 kilometres from the CBD.
Also this month, we reported Corval bought a multi-unit industrial investment at Gepps Creek, 10km north of town.
Logistics, defence, manufacturing
Defence and advanced manufacturing groups – public and private- are key Edinburgh occupiers.
Near the RAAF Base Edinburgh, major occupiers include Airbus, BAE Systems, Coles, DHL, Drakes, Inghams and PepsiCo.
“Edinburgh Park has established itself as one of South Australia’s premier logistics and industrial locations benefiting from excellent access to the Northern Connector and major freight routes,” Bennett Lane’s Matthew Lane, who brokered the deal with Guy Bennett and Knight Frank’s Max Frohlich and Ryan Mills, said.
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