German investor buys logistics properties in Australia
Deutsche Asset Management has acquired two logistics facilities in Australia from Propertylink, an Australian REIT, in an offmarket transaction on behalf of a German institutional client.
The assets comprise 45 Fulton Drive in Derrimut, a suburb of Melbourne, and 50-80 Southlink St. in Parkinson, a suburb of Brisbane, for A$73.1 million ($55.9 million).
The cold-storage logistics facilities were purpose built and designed in 2010 for anchor tenant, Rand Transport, a leading service provider of refrigerated interstate transport and warehousing services in Australia. Comprising two single-story warehouses, including administration offices and parking, the Derrimut site occupies more than 360,000 square feet, and the Parkinson site more than 320,000 square feet.
Melbourne remains the country’s manufacturing center and distribution hub as home to Australia’s largest port, while Brisbane has a growing industrial precinct.
The acquisitions follow on from th