AREEP II offers high quality assets with strong foothold in NSW.
A portfolio of industrial/logistics assets managed by Altis Property Partners AREEP II portfolio is to be sold, offering a unique portfolio of assets located predominantly in New South Wales with assets also in Victoria and Queensland.
Comprising nine assets, seven of which are across Sydney with the remaining two in Port Melbourne and the Port of Brisbane, the portfolio spans a total building area of 138,707sqm. All assets are located in core in markets where limited land supply makes such opportunities rare. Good access to infrastructure and strong prospects for future capital and rental growth will make these assets highly sought after according to the selling agents, Gavin Bishop and Roger Miller of Colliers International.
“The assets will be offered either individually or in one line, as Altis did with their first portfolio,” said Mr Bishop. “The portfolio has a weighting to Sydney NSW, of over 75%, which will be of strong appeal to the market due to the restricted barriers of entry within the Sydney market. Seven of the nine assets are pure industrial with the two other being high quality business parks. This is a unique opportunity to gain exposure to a range of high performing industrial assets.”
“The WALE is 6.4 years and the average building area is 15,412sqm, which will appeal to domestic and offshore institutional investors together with privates,” said Mr Bishop.
With a fully-leased net income of more than $18.7 million per annum, the tenant profile includes some of Australia’s most famous names.
“The portfolio is 99% leased, and tenants include names like Boral, Yates, and GM Holden, along with several freight and logistics operators, such as ACFS Port Logistics,” said Mr Miller.
The portfolio will be sold via an International EOI closing on 8 April, and is expected to sell in excess of $285 million.