Investing in warehousing in Australia
The Australian property firm GPT has purchased five logistics properties in Sydney for AUD 212 million (around USD 146 million), and also started a new development in western Melbourne.
The Sydney assets have a lettable area of more than 88,000 sqm, a combined weighted average lease expiry of 8.6 years and an initial passing yield of 5.4%. The acquisitions are expected to close in July. The group, which has AUD 24 billion of assets under management, also started a 26,000 sqm logistics project at Truganina in western Melbourne.
GPT CEO Bob Johnston underlined the fact that the acquisitions and developments “are consistent with GPT’s strategy to grow in the logistics sector. The assets all have good access to transport links and benefit from ongoing demand and constrained supply.”
The company said it expects strong demand for logistics facilities in western Melbourne, based on continued population growth and the gentrification of traditional industrial hubs such as Port Melbourne and Fishermans Bend. (mw)