This article is from the Australian Property Journal archive
Mirvac Industrial Trust has sold two non-core assets from the Trust’s Chicago based industrial portfolio for approximately $US17.80 million.
The combined profit from these transactions is forecast to be $1.95 million.
Portfolio manager Nicholas Blake said that combined with recent leasing success, the latest transactions upon settlement, will further reduce the MIX’s overall vacancy rate from 10.7% to 9.1%.
Forecast profit of $1.95 million on the sale of 1455 Sequoia Drive, Aurora and 6736 West Washington, West Allis combined with the forecast profit of $3.73 million on the previously announced sales of 308 South Division, Harvard – land component only; 1560 Frontenac Road, Naperville and 1200 Independence Avenue, Romeoville, result in a total realisation of $5.68 million prior to transaction costs.
All five non-core asset sales are expected to settle before 30 June 2007.
“The sale of these non-core assets occurred in a strong Chicago market and as a result, there was a high level of interest from a range of investors seeking exposure to the Chicago market.
“We continue to work closely with our Joint Venture partner, CenterPoint Properties, to identify reinvestment opportunities suitable for the Trust.”
Australian Property Journal
