Barings acquires Australian industrial portfolio for $515m

Barings has completed a joint acquisition with profit-to-member superannuation fund Rest of an off-market premium industrial portfolio worth approximately A$780 million ($515 million) from Goodman Group.

This significant acquisition comprising 12 assets and 17 tenants across 70 hectares (173 acres) of underlying land and approximately 340,000 square meters (3.7 million square feet) of total leasable area across Sydney and Melbourne further cements the partnership between Barings and Rest Super, one of Australia’s largest superannuation funds. The assets are leased to global top-tier tenant covenants, including Metcash, Super Retail Group, Pack Rack, Iron Mountain and Amazon.

The portfolio includes the largest wholesale distribution center in Australia, a 115,000-square-meter (1.2 million-square-foot) mega shed in Melbourne’s west for Metcash. This will be Metcash’s main distribution facility, an ambient warehouse with significant automation technology, a chiller