This article is from the Australian Property Journal archive
MUNICH-based family office AM Alpha is acquiring the Treasury Wines Estate intermodal facility in Penfield for $98 million, in the largest South Australian industrial transaction this year to date.
Real estate investment group Realmont Property Partners introduced the northern Adelaide asset to AM alpha and will provide ongoing local management support.
The acquisition from SCT Logistics of 123-145 Pellew Road in Penfield represents an equated market yield of 5.1%.
Ryan Mills and Rino Carpinelli of Savills managed the off-market deal on behalf of SCT.
Australia is forecast to be among the most attractive handful of nations for cross-border commercial real estate investment in 2021, in particular attracting European investors looking for growth opportunities and diversification.
Located about 28 kilometres from the CBD, the modern property comprises a purpose-built temperature-controlled and ambient distribution facility together with further development land. It has a building area of about 45,000 sqm on 10.95 hectares of land and is fully leased to ASX-listed Treasury Wine Estates with a weighted average lease expiry of about 9.5 years.
The facility is a domestic and international distribution centre with immediate access through the SCT Penfield Rail Freight Centre to the rail freight line providing direct access to Port Adelaide.
Mills said the Penfield Rail Freight Centre is strategically located adjacent to the ARTC Adelaide to Port Augusta mainline and has seen significant growth since inception.
“The site acts as a centre for freight consolidation and distribution, making it an attractive location for organisations as an anchor point into northern Adelaide, the surrounding region, the interstate rail network and with direct access to Port Adelaide,” he said.
Carpinelli the growing tenant demand for quality logistics assets and no stamp duty on commercial transactions in South Australia would continue to strengthen investment in the Adelaide market.
South Australian property developer and investor 1835 Capital recently bought a cold storage facility spanning nearly 12 hectares of land the west for $41.5 million from Singapore-listed ARA Logos Logistics Trust.
Earlier in the year, Ascot Capital picked up a 15,000 sqm St Clair facility leased to Trident Plastics for $18.8 million, and a 44,000sqm Port Adelaide industrial site was sold to Silverfin Capital for $17.6 million on a 6.3% yield.
ESR and Singaporean sovereign wealth fund GIC’s record-breaking $3.8 billion acquisition of Blackstone’s logistics portfolio included Adelaide assets within its 45 properties.
CBRE research showed Adelaide’s vacancy rate for 4,000 sqm-plus assets is at 3.20%, and the northern suburbs are sitting at a tighter 2.2%.
