Propertylink picks off $135m Charter Hall portfolio
Commercial real estate manager Propertylink has bought eight industrial properties from Charter Hall for a combined $135.3 million.
The company bought the properties, spread across four states, for its Propertylink Australian Industrial Partnership II Fund on a yield of 8.7%.
The portfolio comprised four Victorian properties in Derrimut and Tullamarine, one in Mt Druitt, New South Wales, two Queensland properties in Brisbane and Meeandah, and one in Edinburgh, South Australia.
Among the properties’ blue-chip tenants are the Victorian Government, Toll (Japan Post Group), MTU Detroit Diesel/Penske Group, Schenker Australia and Fastline International.
An industrial facility at 103-109 West Ave, Edinburgh, is one of eight Propertlink bought from Charter Hall.
Propertylink chief operating officer Stuart Dawes says the portfolio ticked a lot of boxes for the PAIP II fund, which launched in September last year with target of acquiring $700 million in assets.
“This is an outstanding opportunity to acquire high quality industrial assets with strong covenants in highly sought after industrial markets across the country,” Dawes says.
“We are seeing significant demand from institutional investors both in Australia and offshore for exposure to these type of industrial properties at scale and with value-add potential.”
“This portfolio of assets is an ideal fit for PAIP II.”
Colliers International’s Tony Iuliano negotiated the sale.
