The GPT Group (‘GPT’) today announced the acquisition of a logistics facility in Laverton North, Melbourne, for $72.5 million. Located at 235-239 Boundary Road, the high quality 33,360 square metre facility was secured in an off-market transaction from the private vendor. The facility was completed in July 2021 and is 100 per cent leased to Spotlight for a five-year term.
Matthew Faddy, Head of Office & Logistics at GPT said: “GPT are pleased to secure this well-located logistics facility in Melbourne’s west, fully leased to a high-calibre tenant in Spotlight. We continue to grow a portfolio of modern, high quality logistics assets through judicious acquisitions and build-to-core developments. GPT continues to capitalise on robust demand from occupiers to drive our logistics growth strategy, with $170 million of developments on track to be completed in the second half of 2021.”
The off market deal was brokered by JLL’s Tony Iuliano, Executive Director, Head of Capital Markets Industrial & Logistics and Senior Director Adrian Rowse. Mr Iuliano said: “This is a stunning high bay facility in part which future proofs the ongoing demand for automation for generations to come. We are seeing a significant amount of transactions, off-market in particular, with the vendor profile evolving this year as super private family offices take advantage of current market conditions.”
The acquisition, in a prime Melbourne market, comes off the back of a flurry of activity in GPT’s growing logistics portfolio, including the GPT QuadReal Logistics Trust’s purchase of an eight hectare site at Crestmead in Brisbane. The land provides capacity for 40,000 square metres, across two facilities, with an estimated end value of $90 million once complete. GPT recently completed construction of a third warehouse facility at Berrinba in Brisbane. The 16,270 square metre speculative development has been leased on completion to two occupiers.
At its 2021 interim result in August, GPT announced its Logistics portfolio had grown 13 per cent in the first half to $3.4 billion, now accounting for 23 per cent of GPT’s investment portfolio. The Group has a $1.4 billion logistics development pipeline located across the eastern seaboard.
Progress continues at the Yiribana Logistics Estate in Kemps Creek, with delivery of the first facility expected in 2022. The Western Sydney estate has capacity for approximately 182,000 square metres of prime logistics space with an estimated end value on completion of $600 million.
For more information, please contact:
Corporate Affairs Manager
The GPT Group
T: +61 403 772 123