EG acquires new-build industrial facility in Queensland for growing ACE Fund
EG, an Australian real estate fund manager, has acquired an industrial site at 28 Flint St. in Richlands, Queensland, Australia, for the firm’s Australian Core Enhanced Fund (EG ACE).
Purchased at a price of A$21.5 million ($16.3 million), the asset is located in a highly sought-after precinct for occupiers, due to its close proximity to the CBD (18 kilometers/11 miles) and access to the major motorway networks.
EG is entering into an agreement with Frasers Industrial Property, which, as part of the deal, will deliver a brand new 12,157-square-meter (130,857-square-foot) warehouse facility.
The property is the ninth asset the EG team has acquired for the fund, which has seen significant success in recent months. Such activity has included the acquisitions of a A$32 million ($24.3 million) industrial estate in Mansfield and a A$450 million ($342 million) office portfolio in Sydney’s CBD.
“28 Flint Street, Richlands, fits well with the EG ACE strategy