LOGOS enter into agreement to purchase Woolworths tenanted distribution facility in Sydney’s West
Monday 27th February 2017
LOGOS and their investment partner Ivanhoe Cambridge Inc are pleased to announce that they have entered into an agreement to purchase the Woolworths Regional Distribution Centre in Minchinbury, building on LOGOS’ strategic presence in the West Sydney industrial market.
The asset is to be included within the LOGOS Australia Investment Venture (‘LAIV’), which has recently approved a $500 million capital investment in Australian prime industrial assets for value add opportunities. The Minchinbury property is the fourth asset to be purchased by LAIV adding to existing assets in Sydney, Melbourne and Brisbane.
LOGOS Joint Managing Director, Trent Iliffe, said “We are pleased to have secured this significant property, being business critical to Woolworths’ supermarket supply chain network. The Group remains committed to purchasing assets in key logistics markets which provide the opportunity to further our relationships with existing customers, such as Woolworths”.
LAIV are currently reviewing several pipeline opportunities with significant buying capacity. Current opportunities range from greenfield sites, through to assets with short to medium term redevelopment opportunities. “We are continuing to see good relative buying opportunities in the core logistics markets on the eastern seaboard of Australia, where we can add value in the short to medium term, providing solid risk adjusted returns for our capital partners” says Mr Iliffe.
Located at 69 Sargents Road, Minchinbury the 88,555sqm facility sits on 21.4ha and is integral to Woolworths’ national supply chain network, servicing some 180 supermarkets across Sydney. The property includes both ambient and temperature controlled areas, full drive-around truck access, a substantial hardstand area and fully automates high clearance warehouse.
The facility is located within close proximity to existing transport infrastructure including the M4, M7 and Great Western Highway. In addition, the NSW Government has proposed upgrades to nearby Archbold Road, which will provide direct access to Sargents Road from the M4 motorway, further improving the amenity for tenant Woolworths.
The transaction was brokered by Colliers International National Directors Gavin Bishop and Tony Iuliano. “Minchinbury is regarded as an institutional investment-grade location, well-supported by major corporates including Aldi and Startrack Express. The area has limited land supply and a strong institutional and owner-occupier ownership structure which provides sound fundamentals for investing” said Mr Bishop.
“We are very proud to have brokered this transaction. It was a significant sale for APPF Industrial, given the size of the asset and very pleased to have sold this asset to LOGOS. This large logistics facility ideally suits LOGOS’ investment mandate as they continue to expand rapidly throughout the Asia Pacific Region.” said Mr Iuliano.
LOGOS have developed and managed over 100,000sqm GLA in Western Sydney including circa $300million of sites to its latest acquisition. “Sydney has benefited from significant government infrastructure commitment over recent years, which has created challenges and opportunities for investors and users alike” says Mr Iliffe.
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