This article is from the Australian Property Journal archive
THE Westbridge Diversified Fund No. 4 has snapped up a second asset in its $16.21 million purchase of a logistics facility in Canning Vale, WA.
The fund by Westbridge Funds Management settled the acquisition of the recently upgraded warehouse at 41-43 Baile Road, around 19km south of the Perth CBD, on 28 February.
The logistics asset sits on a 23,177sqm site in one of Perth’s major established industrial precincts, with its close proximity not only to the CBD, but the Freemantle Port 18km to the east and the Kewdale Intermodal Freight Terminal 15km to the west.
The asset is currently fully leased to Blackwoods, a wholly owned subsidiary of Australia’s largest supplier of industrial and safety supplies, Wesfarmers.
The first asset acquired by Westbridge Diversified Fund No. 4 was two adjoining industrial distribution facilities at 125 and 145 Northcorp Boulevard in Broadmeadows, Victoria, which is fully leased to Holman Industries.
“The recent settlement of the Canning Vale property, adding to the fund’s first asset in Broadmeadows, is in line with the Fund’s goal of building a $100-150 million portfolio featuring up to 12 high-quality commercial properties diversified by state, asset class and number of tenants, said Damian Collins, chairman at Westbridge Funds Management.
The Westbridge Diversified Fund No. 4 has a distributions target of 7% per annum, with future expressions of interest currently open, with $50,000 minimum investment required.
“We are aiming to build a portfolio of assets diversified across commercial sectors including industrial, medical, large format retail and more. With two strong tenants in Holman and Blackwoods already secured, our goal is to continue to build strong lease covenants by targeting quality national, international, and publicly listed tenants,” concluded Collins.
Last month, Westbridge launched a new fund, the Welshpool Property Fund, with its acquisition of a business estate in Perth’s industrial hub of Welshpool for $37.465 million.
While in closing out 2021, the funds management group spent $12.5 million on the acquisition of an apartment block in the Pilbara region of Western Australia.
