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Aviva Investors Goes on Industrial Shopping Spree in Sydney

AVIVA-INVESTORS

Fund manager

Aviva Investors has acquired two industrial assets located in Sydney for $29.25 million on behalf of investor,

Prime Super.

“The purchase of these two assets complements our value-enhanced logistics series and represents good value in a market where opportunities are becoming exceedingly difficult to secure,” said Keith Coassin, Portfolio Manager at Aviva Investors.

Knight Frank’s National Director, Industrial, Eugene Evgenikos managed both off-market sales of 30-32 Bessemer Street, Blacktown, NSW and 104 Vanessa Street, Kingsgrove, NSW.

Mr Evgenikos said that these sales reflect the growing opportunities which are being created by funds seeking to recycle capital.

“Moving forward, it is expected that the majority of opportunities in the industrial investment arena will mirror this trend amongst funds,” added Mr Evgenikos.

Located in the established western Sydney suburb of Blacktown, 30-32 Bessemer Street, purchased from DEXUS Property Group, is an industrial distribution centre with a total gross leasing area of 14,652sqm with an initial yield of 8.57 per cent and a 6.27 year WALE.

The second asset was acquired from DEXUS Wholesale Property Fund 104 Vanessa Street, Kingsgrove, is a 7,121sqm corporate head office for Shriro Group located approximately 11 kilometres southwest of the Sydney CBD and represents an initial yield of 9.06 per cent and 2.58 year WALE.

The purchase of the Blacktown and Kingsgrove assets follow another recent off-market logistics transaction at 52 Lisbon Street, Fairfield for $65 million where again Aviva Investors had acted on behalf of Prime Super.

Prime Super’s Chief Executive, Lachlan Baird said "Prime Super is pleased to have the addition of these properties in its growing real estate portfolio."Prime Super has more than $2.5 billion in funds under management and is advised by Access Capital Advisers.

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Article originally posted at: https://https://theurbandeveloper.com/articles/aviva-investors-make-industrial-acquisitions-in-sydneys-west-and-cbd