Lendlease locks down Mirvac warehouses in $ 161 million deal

“The industrial sector continues to benefit from global themes such as e-commerce, on-shore manufacturing and the desire to position itself as close as possible to the end consumer.

“This has resulted in increased demand for strategically located assets, with Campbelltown and Altona being prime examples of closely guarded areas that will continue to benefit from transportation connectivity and continued infrastructure investments. “

The three facilities, covering nearly 76,000 m² in total, were held in a joint venture between Mirvac and Morgan Stanley, which holds the majority of the shares. JLL and CBRE negotiated the portfolio.

The transaction marks Lendlease’s first investment in South West Sydney, via a Campbelltown office warehouse with over 16,600 m² of space. Its main tenant is the document management company Zircodata.

The two Melbourne assets are in Altona and the two neighboring properties are separately owned by Lendlease. An establishment, of nearly 27,000 m², is occupied by Brand Collective, a footwear and clothing player very exposed to e-commerce. It includes an extension land component. Altona’s second site is approximately 32,700 m², its main tenant being the global logistics giant, DHL.

The latest deal follows Lendlease’s May acquisition of a warehouse in Sydney’s Eastern Creek, when the fund manager paid $ 130.1 million for clothing retailer Best’s national distribution center. & Minus, a deal struck for a record 3.62 percent yield.

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