30 November 2023
Barings acquires A$ 94.1 million seed asset for its new A$1 billion+ industrial venture
Barings (formerly Altis Property Partners) are pleased to announce the acquisition of a prime, fully leased, industrial asset comprising two modern warehouses across 46,934 sqm gross lettable area (GLA) for A$ 94.1 million. The acquisition is the first seed asset for the new Barings and Rest industrial partnership seeking to procure a A$1 billion+ portfolio of value-add, core-plus, and develop core industrial assets across Australia.
Located at 2-30 Saintly Drive in the established core industrial precinct of Truganina in Western Melbourne within 18 km of the Melbourne central business district, the property attracts large-scale tenants due to its proximity to existing key road infrastructure. The property will also benefit from future infrastructure including the Westgate Tunnel Project and Outer Metropolitan Ring Road.
Major tenants occupying the estate include Catch, one of Australia’s leading online retail businesses owned by Wesfarmers within the Kmart Group, and Effective Logistics, a specialised third-party logistics provider.
James King, Director – Investment Management at Barings said:
“Barings is excited to complete the acquisition of a high-quality asset on behalf of the venture. Notwithstanding the current economic environment, we remain attracted to industrial real estate in Australia on a long-term basis. Our ambition is to continue to seek out both development and value-add opportunities across the major metropolitan markets of Australia.”
Neva Courts, Director – Melbourne Real Estate at Barings said:
“The key characteristics which attracted us to this asset include the high-quality facility, strong holding income, positive supply and demand dynamic in the precinct, and attractive entry pricing. Our strategy is to focus on leasing initiatives to improve the income profile and targeted capex to expand the sustainable operations framework. This includes reducing all scopes of emissions and increasing access to renewable energy.”
Read the full press release here.
Read this release as seen in The Australian, 30 November 2023.
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