This article is from the Australian Property Journal archive
EG has acquired its seventh investment asset in 12 months, paying $7.82 million for a multi-tenanted industrial estate in Newcastle’s Warners Bay on behalf of its growing private wealth division.
Located 17 kilometres south of the Newcastle CBD, the 5 Walker Street acquisition saw the trust oversubscribed in three days.
The deal was brokered by Tim Woolf and Luke Rutledge of Colliers.
EG’s head of capital transactions, Sean Fleming, said the site is leased to 14 tenants and has a weighted average lease expiry of 1.8 years, with strong potential for positive short-term rental reversion and multiple value add strategies.
Rodney Walt, EG’s head of private wealth, said EG’s private wealth division was launched off the back of high investor demand and has grown to a portfolio of assets totalling $100 million in value.
“We continue to invest in multi-use real estate, offering high income yield with strong capital-growth potential in important growth corridors.”
In June, the real estate funds manager picked up a trio of Sydney and North Sydney office assets for $450 million for its Australian Core Enhanced Fund (EG ACE), which boasts a further half a billion dollars in investment firepower following backing from Dutch pension fund PGGM.
