This article is from the Australian Property Journal archive
DEXUS Property Group has formed a new capital partnership with the Future Fund to invest in the industrial sector.
The new 50/50 partnership, known as the Dexus Industrial Partnership, will be seeded with the acquisition of a prime industrial development opportunity known as Quarrywest at Greystanes, in outer western Sydney.
The partnership will acquire the land from Boral for $50.5 million. Quarrywest at Greystanes comprises 25.64 ha of industrial development land situated opposite Quarry at Greystanes, an industrial estate which is jointly owned by Dexus and another capital partner.
The partnership intends to progressively develop new facilities on a pre-lease or speculative basis over a three year term from FY16 to FY18.
Dexus CEO Darren Steinberg said this new capital partnership is testament to the strength of the company’s third party platform.
Dexus head of capital Penny Ransom said the partnership’s vision is to leverage the group’s specialist skills in accessing, developing and actively managing industrial property to deliver attractive risk-adjusted returns, and the partnership is anticipated to grow in the future.
Group general manager of developments Andrew Whiteside said Quarrywest at Greystanes will offer another 115,000 sqm of prime space to the market.
The transaction is expected to settle on 26 June 2014.
Property Review
