Dexus has acquired three industrial sites in Melbourne, Sydney and Brisbane with a combined end value of A$700 million ($508 million), replenishing the group’s industrial development pipeline in core locations.
The sites include:
11–167 Palm Springs Road, Ravenhall, Victoria, a large 127-hectare site (50 percent Dexus; 50 percent Dexus Wholesale Property Fund): Dexus plans to develop up to 380,000 square meters (4.1 million square feet) of prime commercial and industrial property on the site, providing the opportunity to create $480 million of prime industrial product over a five- to seven-year period. Settlement is expected to occur across two tranches in December 2018 and August 2019.
54 Ferndell Street, South Granville, NSW, a 10-hectare brownfield opportunity (100 percent Dexus): Dexus plans to develop over a two-year period 54,000 square meters (580,000 square feet) of industrial property across four buildings with varying tenancy sizes to appea
