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Sign in Sign up for a FREE subscriptionAscendas REIT to acquire a new logistics property in Sydney for $16m
Ascendas Funds Management has acquired a new logistics property to be developed on Lot 7, Kiora Crescent, Yennora, in Sydney, for A$23.5 million ($16.24 million).
Larapinta Project Pty, the seller, will develop the property.
William Tay, executive director and CEO of Ascendas Funds Management, said, “Despite the COVID-19 pandemic, Sydney continues to be the strongest industrial market in Australia underpinned by robust tenant demand and sustained levels of investor interest. The acquisition of this new prime-grade logistics property gives Ascendas REIT greater exposure to the Sydney market and also enhances the quality of our portfolio.”
The property is well located in the established inner-western Sydney industrial precinct of Yennora, an area that is enjoying renewed growth given its proximity to central western Sydney and the trend toward last-mile logistics.
The area is well serviced by the Hume Highway to the south and M4 Motorway to the North th