This article is from the Australian Property Journal archive
FIFE Capital and DHL have joined forces to take control of a nine hectare distribution facility in Melbourne’s northern suburbs set to be used by Kaufland, before the German hypermarket sensationally backed out of its Australian plans early this year.
Fund manager Fife Capital has paid a reported figure of about $83 million for the Merrifield property, and DHL agreed to lease the facility for a decade.
The freight and logistics giant has been investing a reported figure of $160 million warehouses that are suited to storing health products including medicines and vaccines and for distribution.
Positioned on 28 hectares of land within MAB’s Merrifield Business Park, construction began last year in June what was going to be $459 million distribution facility for Kaufland.
Kaufland paid $33.6 million for the property in the middle of 2018.
Separately to the Merrifield property, Kaufland recently sold the last two out of nine development sites it put back to the market in Victoria, Queensland and South Australia, on which it spent a total of $500 million accumulating.
It is expected to only get back about $100 million.
Of those recent sales, tech distribution company Synnex bought a 4.4 hectare block in Melbourne’s south eastern suburb of Oakleigh South for just under $21 million, developer Gordon Corp bought the Queensland assets for about $30 million, and in South Australia, Renewal SA entered into an agreement to purchase sites at Forestville and Prospect on behalf of the state government.
Mid-year, large format retail centre owner Aventus Group acquired a 31,470 sqm site in Melbourne’s north, adjoining its Epping Home centre, for $11.5 million. Kaufland also sold a Dandenong site to Woolworths.
