Westbridge sheds another Melbourne asset
Westbridge Funds Management has divested another asset from its MPS Diversified Property Trust.
The 1.39 hectare office/warehouse, 2-14 Independent Way, Ravenhall (pictured, top), in Melbourne’s west, traded for $18 million.
The Perth based group outlaid $8.86m in 2017.
On 1.39 hectares, it contains a 6888 square metre improvement leased to Australian Pipe and Tube.
There is surplus land for the warehouse to be extended.
Ravenhall is about 20 kilometres from the CBD.
Another DPT asset sold
The investment is the fourth to be sold from the MPS Diversified Property Trust which was formed in 2015 with a target to hold assets worth $40m (story continues below).
Last August Westbridge sold 22 Salta Drive, Altona, again in Melbourne’s west, for $30m – a significant rise on the $11.5m it paid, again in 2017.
The other properties it has shed are in Perth, at Ellenbrook and Henderson.
Including Ravenhall, the value uplift has delivered a total capital gain of 128pc.
Two assets remain in the fund. Subject to them being sold the total return should increase to c154pc, Westbridge chairman, Damian Collins, said.
“These results are testament to Westbridge’s quality research, proactive management strategy, and timely identification of the counter-cyclical opportunities offered by Victoria’s industrial sector,” according to the executive.
“We are now focusing on working through strategies for the remainder of the Fund’s assets to maximise sales outcomes – and returns – for our investors,” he added.
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