MaxCap and Time & Place are banking a 26 per cent premium selling a Villawood industrial development site after 18 months to Brookfield.
The vendors, via the MaxCap Industrial Opportunity Fund, are collecting $90 million from the ex-Orica factory at 2 Christina Road.
They paid just over $70m for the 12.6 hectare block, later obtaining approval for a 70,000 square metre business park.
CBRE’s Jason Edge was the agent.
“Brookfield continues to source and secure logistics opportunities off-market providing value for its investors,” a buyer spokesperson said.
MaxCap winding down
MIOF was created three years ago and set to expire in 2023-2024 (story continues below).
Ever holding less than half a dozen assets, last year the fund banked $16.4m selling a 2.24ha slice of a Brooklyn, Melbourne, industrial site to Microsoft for a data centre.
MaxCap and Time & Place paid Qube $65m for that property, then spreading 13.6ha, in April, 2020.
Another partnership asset, a 46,240 sqm business park in Cooper St, Epping, was divested to LOGOS last year for $70m.
The fund paid c$20m for the 9.7ha block which made way for that project – also in 2020.
MIOF still retains two development sites, both in Melbourne: a 16.7ha Truganina block acquired for $28.6m four years ago, and a contaminated ex-petrochemical plant in Spotswood purchased recently from Mobil for c$44m and earmarked for an industrial subdivision.
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