DWPF Pays CDPI $231 Million For Industrial Portfolio

DEXUS Wholesale Property Fund has paid Colonial Direct Property Investment Fund $231 million for a portfolio of 13 industrial portfolios on Australia’s east coast.

The purchase includes eight properties in Sydney, three in Melbourne and two in Brisbane. Some are income producing investments, while others are development sites.

After the acquisition, DWPF’s portfolio allocation will be 57 per cent retail, 32 per cent office and 11 per cent industrial – though the plan is to boost the industrial allocation.

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North Sydney Office Sell-Off in First Quarter

NORTH Sydney’s office investment market has recorded several major sales in the first quarter of this year.

In the most recent deal, Colonial First State Global has offloaded 50 Berry Street for about $30 million to local investment company Kingsmede. The 14-level office was marketed by Chesterton International.

Elsewhere in North Sydney, 90 and 100 Mount Street sold to Laing O’Rourke for about $50 million, according to the AFR. The site is set to be redeveloped into an A-grade office tower. It was sold by Winten Property Group with plans for a $157 million tower.

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Dexus Paying More Than $200m For Industrial Property Portfolio

DEXUS Wholesale Property Fund is reportedly paying more than $200 million for a portfolio of industrial assets.

Dexus is understood to be buying the bulk of the Colonial First State Global Asset Management portfolio whcih was listed for sale in June.

The sale includes the Myer distribution complex in Altona, Melbourne, and the DHL facility in Eastern Creek, Sydney according to report.

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Colonial Sells Richmond Office For $18.35 Million

INTERESTS associated with Perth based Property Bank Australia and Security Capital Corporation have paid $18.35 million for a 5122 square metre office building in Richmond.

Building 8 of 658 Church Street was offloaded by Colonial First State Global Asset Management. The asset is fully leased to DDB and Optus (trading as Uecomm).

Based on the annual net rent of $1.637 million, the asset sold on a yield of 8.9 per cent.

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