Stake in Moorebank industrial estate trades for $50m
Dexus Industria REIT (DXI) has bought the half stake it did not control in a Sydney business park from its manager.
The interest in 12 Church Street, Moorebank, cost $49.6 million, reflecting a 5.25 per cent capitalisation rate.
The year-old small-unit complex – the Velociti Industrial Estate – with 18,100 square metres across six warehouses, is 37pc vacant.
Seller, Dexus, will contribute income support in this financial year while DXI will assume leasing.
“The headline price is in line with the independent valuation as at 31 December 2025,” a DXI statement said.
“Located in Sydney’s supply-constrained inner south-west industrial precinct, the asset benefits from access to 93pc of Sydney’s population within 60 minutes,” it added.
Velociti Industrial Estate
The 3.4 hectare Moorebank property includes 170 car parks (continues below).
The weighted average lease expiry (WALE) by income is 2.8 years.
“This transaction continues the successful redeployment of capital following the divestment of Brisbane Technology Park, with proceeds reinvested into quality industrial assets across Sydney and Melbourne’s supply-constrained markets,” DXI fund manager Jason Weate said.
“The acquisition will be funded through existing debt facilities and is expected to increase look-through gearing by approximately 2.3 percentage points, with pro forma gearing expected to remain below the 30pc to 40pc target range following the acquisition,” he added.
Settlement occurred yesterday.
Moorebank is about 27 kilometres south-west of the CBD.
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