$75m for Deka site in portfolio shake-up

German investment giant Deka Immobilien Investment is reshuffling its Australian holdings and will offer a logistics property in Sydney’s Greystanes for sale, with a price of about $75 million expected.

The group bought the 7.3ha industrial park for $53.5m from Stockland in 2008 and has since added value by extending a long-term lease to the NSW Police. It also carries a long lease to Australia Post.

The 38,578sqm complex at 6-20 Clunies Ross St sits in western Sydney’s industrial hub and has good access to both the M4 Motorway and Great Western highway.

The demand for high-­performing industrial assets in the Australian market has provided the impetus for Deka to bring the asset to the market at this time

It is being marketed by Matthew Lee, Mark Hansen and Richard Butler of CBRE and Gavin Bishop and Harry Bui of Colliers International.

“The tenant profile, combined with the scale and improvements to the site, will draw strong interest from the market,” Lee says.

“The demand for high-­performing industrial assets in the Australian market has provided the impetus for Deka to bring the asset to the market at this time,” Bishop says.

The warehouse and logistics centre was Deka’s only Australian industrial property

The park is the only Australian industrial holding of Deka’s global open-ended fund. But the group is already looking for new properties to add to an office tower it owns in Melbourne’s William St.

Separately, CBRE Global Investors is eyeing the purchase of the South Wharf office tower in ­Melbourne from Deka in a $145m-plus deal.

Another Deka fund last month sold an ATO building in Perth to syndicator Warrington Property and Goldman Sachs for $101m.

This article originally appeared on www.theaustralian.com.au/property