This article is from the Australian Property Journal archive
EG has acquired a multi-let industrial estate in Queensland for $32 million, the fifth for the fund manager’s Australian Core Enhanced Fund since its June 2019 launch.
The property, located at 140 Wecker Road, Mansfield in Queensland, the asset has a WALE of 2.0 years and is currently 95% occupied.
Located 12km south east of the Brisbane CBD and 14km from the Brisbane airport and the Port of Brisbane, the estate sits within an industrial precinct that also includes Australia Post, Toll and Storage King.
Industrial assets have been off to a strong start in 2021, with the Dexus purchase of two built to lease commitments in Queensland and Centura’s two Melbourne new logistics facilities in Melbourne among recent acquisitions.
“The asset fits well with the Fund’s strategy to acquire industrial assets in land constrained markets with strong leasing fundamentals,” said Michael Noblet, fund manager of EG’s Australian Core Enhanced Fund.
EG started the year off with two major appointments, with the hiring of Jason Severino who was assigned to their growing asset management business and the hiring of asset management and financial services veteran, Chris Pak, to pursue new opportunities with domestic and offshore investors.
EG currently has $3.2 billion under management on behalf of super funds and private wealth clients, with the Australian Core Enhanced Fund targeting office, industrial and real estate in a strategy of open-ended diversification.
EG currently has a development pipeline of $4.3 billion, with 16.7% per annum in realised IRR for institutional funds.
