Centennial, Brookfield buy two Sydney industrial assets for $105m

A joint venture of Centennial and Brookfield Real Estate Secondaries has acquired two prime industrial and logistics assets in Sydney for its A$700 million ($449 million) Enhanced Value Partnership (EVP). The sales price was A$163 million ($105 million).

The fund has acquired two industrial infill sites, located near Sydney’s Northern Beaches and Prestons in the southwest.

“The two new assets are a perfect fit for our A$700 million EVP fund, which recently closed oversubscribed,” said Paul Ford, Centennial’s chief executive industrial and logistics. “We’ve been really selective in our site choices in Sydney and are very happy with the Prestons and Brookvale sites given their land-rich nature along with flexible improvements that align with our niche strategy, focusing on mid-space, urban infill sites within land-constrained or last-mile logistics areas.”

Conditional contracts have been exchanged on the Brookvale site comprising two adjoining indust