PGIM Real Estate, on behalf of its Asia Core strategy, has joined forces with Cadence Property Group to acquire the St. Mary’s Intermodal Terminal, a logistics and infrastructure asset in Western Sydney. The two firms are acquiring the asset from Pacific National for A$145 million ($91 million).
According to Financial Standard, the infrastructure-aligned asset spans 157,669 square meters (1.7 million square feet) of land and includes a 1.5-kilometer (0.9-mile) rail spur and a planned 20,000-square-meter (215,278-square-foot) hardstand expansion.
As part of the transaction, PGIM Real Estate and Cadence have entered a new 20-year lease with the existing tenant, ACFS Port Logistics, which will “secure-long term income” and provide “a strong foundation for future value creation.”
“We have been very active this year across a range of asset classes, but also very selective in pursuing strategies with strong underlying themes and assets that are we
