Symbion sells distribution centre with a leaseback
Symbion has sold its only Western Australian distribution centre to Adelaide-based asset manager, Harmony Property Investments.
The leaseback deal for 493-495 Abernethy Road, Kewdale, is worth $16.8 million.
The 1.87 hectare holding, also exposed to Glassford Rd and Hazelhurst Street, with a 10,093 square improvement, will be held in the Harmony Industrial Property Fund 2.
In a statement, the buyer said the property provides secure income, underlying land value and multiple longer-term exit pathways.
The group, the capital partner of MRS Property, has been expanding its industrial portfolio outside of South Australia.
In March, it bought a Woolworths-backed retail investment in a Peet estate in Perth’s north for $32m (continues below).
Kewdale, about 11 kilometres east of the CBD, is part of the city’s established eastern industrial precinct, near Perth Airport and major arterial roads.
Symbion is part of ASX-listed EBOS Group.
The property is its only Western Australian distribution centre, used for pharmaceutical distribution operations for decades.
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