Significant sale kickstarts $1 billion portfolio
Image credit: Australian Property Journal
News from the industrial sector: An estate containing Catch.com.au’s fulfilment centre has sold for $94.1 million to Barings. Its plans for the site? To use it to seed a $1 billion portfolio with superannuation fund Rest.
The vendor, Charter Hall, originally purchased the 46,933 square metre Truganina site for $41.7 million in 2015. It will use proceeds from the sale to fund other projects in its development pipeline.
Industrial assets are in hot demand as the sector experiences unprecedented post-COVID growth. CBRE estimates that Australia requires another 1.1 million square metres of dedicated e-commerce and logistics space in the next four years just to meet the needs of online retailers.
For its part, Barings has made significant progress in Australia over the last 15 years, accumulating more than $6.3 billion in real estate assets.
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