M&G Real Estate has acquired a 50 percent share in a portfolio of industrial properties across Sydney and Brisbane. The transaction is a partnership with Dexus and was made on behalf of its core Asian property strategy. M&G Real Estate will become a 50 percent joint venture partner once the deal completes.
This latest investment is M&G Real Estate’s third acquisition in Australia this year, following 40 Mount St. in Sydney and 80 Ann St. in Brisbane, and brings its total exposure to Australian real estate to A$2.37 billion ($1.68 billion). Prime logistics in Australia is poised for growth backed by positive structural drivers, and an evolving e-commerce market alongside ongoing infrastructure improvements are expected to drive rental growth.
The portfolio comprises an estate at Quarrywest in Greystanes, Sydney, as well as two Brisbane properties situated in prime industrial locations that benefit from proximity to infrastructure and established employment bases. The properties were recently built with high-quality specifications, good clearance, super canopies and strong environmental credentials. The properties are fully occupied with a strong tenant base with long-term commitments.
