AMP Capital has sold a Sydney logistics facility to Lendlease’s investment platform for A$130.1 million ($100.8 million).
The warehouse, located in Eastern Creek, in Sydney’s West, is the national distribution center for apparel retailer Best & Less, owned by private equity firm Allegro Funds.
The warehouse, with an area of 35,000 square meters (376,700 square feet), was acquired on behalf of multinational insurance provider Swiss Re in 2019 for A$99.6 million ($77 million) from Steinhoff Asia Pacific. The acquisition was part of the 2017 mandate AMP Capital’s received from Swiss Re, which is to invest in core/value-added real estate in Australia.
