This article is from the Australian Property Journal archive
GROWTHPOINT Properties Australia has acquired a newly completed 3.1-hectare logistics warehouse and office in Truganina from Frasers Property Group for $40 million.
The sale comes within a few days of Frasers Property Australia picking up 43 hectares of land in the neighbouring suburb of Tarneit for $27.5 million, on which it will build up to 150,000 sqm of warehousing options with an estimated end value of $200 million.
The Truganina property, at 3 Maker Pl, has a gross lettable area of 31,092 sqm and has 3.1 years remaining on its lease to international ecommerce business HB Commerce Pty Ltd, with the transaction price reflecting a yield of 5.83%.
“The acquisition of this newly constructed logistics property is consistent with Growthpoint’s strategy of focusing its investment on modern, well located logistics facilities that appeal to a variety of ecommerce and logistics occupiers,” Growthpoint’s chief financial officer, Dion Andrews said.
Growthpoint recently completed a $150 million capital raising for its purchase of a Sydney office tower and furthering its expansion and redevelopment projects.
The group posted a full year profit of $375 million, representing a 4.9% growth. Funds from operations rose 6.5% to $177.99 million and revenue also grew 6.5% to $282.23 million.
In the 10 years since listing, Growthpoint has grown substantially from an industrial portfolio valued at $662 million to a diversified office and industrial portfolio now valued at $4.0 billion.
