MPG snares Browns Plains retail investment
MPG Funds Management has purchased the first non-Victorian asset for its Bulky Goods Retail Trust.
Within Plains Junction, at Browns Plains, 22 kilometres south of Brisbane, the property is costing $11.31 million, reflecting 11.9 per cent of the portfolio’s worth.
The manager is now seeking to raise $9.95m to fund the acquisition.
BGRT also owns the Chirnside Homemaker Centre, in Melbourne’s east, which is valued at $57.5m, and the Mildura Homemaker Centre, in regional Victoria ($27.5m).
As well, the entity, which forecasts a 6.25pc annual distribution for unitholders, retains $290,000 in cash to lock in future investments.
Browns Plains asset
At 48 Browns Plains Road, in the high growth Logan corridor, the c1995 Queensland property contains two adjoining showrooms with a total of 2086 square metres of area, respectively leased to Fernwood Fitness and Petbarn (story continues below).
Also with 250 car parks the asset occupies a 2365 sqm piece of a bulky goods precinct home to BCF, Big W, Bunnings, JB Hi Fi, Harvey Norman, Officeworks, Spotlight, Target, TK Maxx and The Good Guys.
The Grand Plaza Browns Shopping Centre is across the road.
The Browns Plains acquisition comes six months since MPG FM outlaid $53.25m for four regional investments – in New South Wales, Queensland and Victoria – for the MPG Regional Cities Property Trust, which is presently worth c$165m (or about 65pc more than BGRT).
Not long earlier, again for the RCPT, it purchased assets in Beenleigh, 18kms east of Browns Plains, and Townsville.
MPG FM, which turns 20 this year, is an arm of the Camberwell based McMullin Property Group, a major investor and developer formed in the late 1970s by late Spotless founder Ian McMullin.
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