Propertylink tops $2bn after Ormeau deals

Property investment and asset management company Propertylink has secured two industrial properties in Queensland and NSW for a total price of $45.56 million.

The real estate and infrastructure fund manager led by Stephen Day has amassed more than $2 billion in assets and is on track to buy over $600 million of property this year.

It has already been linked to Sydney office properties being sold by 151 Property Group worth about $210 million in total.

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In the latest deal, Propertylink has bought a new logistics property with a long lease in the Gold Coast Yatala Enterprise Area for $29 million.

The purchase at Ormeau adds to our growing portfolio in Australia’s fresh food industry, which is a sector that is growing trade significantly with our near Asian neighbours

The property at 1 Lahr’s Road, Ormeau spans a net lettable area of 9,590sqm and is fully leased for 11 years to Seabest International, a major frozen seafood supplier.

The property was acquired at a 7% yield and follows the group’s purchase of the Rand refrigerated logistics assets in 2013.

It also bought warehousing facilities at Melbourne’s fresh fruit, vegetable and flower markets for $90 million last year.

Stephen Day heads up Propertylink.

“The purchase at Ormeau adds to our growing portfolio in Australia’s fresh food industry, which is a sector that is growing trade significantly with our near Asian neighbours,” Day says.

The Propertylink Australian Industrial Partnership II has separately acquired a logistics property located in one of Sydney’s most tightly held industrial precincts for $16.56 million.

That property is at 27 Frank St, Wetherill Park in Sydney’s western suburbs.

The property has a net lettable area of 13,865sqm and is fully leased for five years to Border Express, a national transport company.

It was acquired at an 8.3% yield and has a total site area of 41,720 sqm with significant potential to add further buildings, given only one third of the site is covered.

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