Property company raises transport holdings significantly with Yennora and Yatala purchases
October 25, 2013
Continuing its transport and logistics property ambitions and confirming a broader investment trend, GPT Group has upped its holdings in the sector
significantly.
GPT gave itself financial room to move in July, gaining more than $190 million by reducing its Brisbane retail portfolio and has just spent $88 million in Sydney and Brisbane.
It has acquired a warehouse and logistics property adjacent to the Yennora Intermodal facility in Sydney’s West for $43.6 million and a warehouse facility at Yatala for $44.5 million.
The purchases take the value of GPT’s logistics and business parks portfolio to more than $1.1 billion and the move appears to fulfil portfolio weighting aim of 15 per cent for logistics and business parks.
“GPT’s Logistics and Business Parks team has significant capability across investment, development and asset management, reflecting the importance of the portfolio to the Group,” Head of Investment for Office and Logistics David Burgess says.
“These two purchases are in line with the Group’s strategy to buy well located logistics facilities on market, and use its in-house expertise to add value to those assets.
“Since the beginning of last year, GPT has acquired more than $300 million in investment assets, and it is in the process of accelerating the development of its land bank, with the Group in an exclusive position on three other opportunities in NSW.
“If successful, this would increase logistics and business park assets to 15 per cent of the overall portfolio.”
Major real estate firms have flagged a recent major property investment trend into the T&L space.
