Propertylink Acquires Valad Logistics Portfolio

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Tuesday, October 28th, 2014
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In partnership with M&G Real Estate, property investment and asset management company Propertylink has acquired the Valad logistics portfolio.

The deal amounting to $137.9 million was struck on behalf of M&G Real Estate and Propertylink Australian Industrial Partnership (PAIP) and saw Propertylink structure the portfolio into two parts:

  •  two long-lease core logistics assets via a management agreement with M&G Real Estate, and
  • four higher yielding core-plus assets for Propertylink’s value-add industrial vehicle, PAIP.

“The acquisitions will improve PAIP’s weighting to the Sydney market and will increase the number of assets to 26, valuing the portfolio at around $435 million,” said Propertylink’s head of investment management, Stuart Dawes.

Dawes said Propertylink will continue to seek further acquisitions for PAIP.

M&G Real Estate, the real estate fund management arm of UK-based M&G Investments, is acquiring 9–10 John Morphett Drive, Erskine Park, NSW, and 65–75 Strezlecki Avenue, Sunshine, Victoria.

Erskine Park is a one-year-old logistics facility located at the prime junction of the M5 and M7 motorways and is 100 per cent leased to Bluestar Global Logistics until October 2025. The Sunshine asset is 100 per cent leased to Northline Pty Ltd until June 2022.

Propertylink said it will provide ongoing management services to M&G Real Estate for both assets.

PAIP will acquire the remaining four assets – two industrial properties in Sydney and two industrial properties in Brisbane – for a combined $52.7 million.

Colliers International managed the portfolio sale for Valad.

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