Singapore Government and Linfox look to distribution centres
The Government of Singapore Investment Corporation has purchased three industrial properties on Australia's east coast as part of a joint investment venture with Australand Property Group.
Logos Property bought two distribution centres in Melbourne and industrial park in Brisbane on behalf of GIC in a $90 million deal, the Australian Financial Review has reported. One of the Melbourne centres is leased to US foods giant Kraft, and the other to Australian clothing manufacturer Pacific Brands. The deal is part of a plan by the partnership to acquire a $450 million property portfolio.
The news comes less than a week after an announcement that Australian trucking and logistics company Linfox has signed a $40 million 10-year deal for a 27,000-square-metre logistics and distribution centre at Goodman's Stockyards Industrial Estate in Hazelmere, a suburb of Perth. The eight-hectare site will cater to the distribution needs of Western Australia's mining industry.
Logos Property executive director told the AFR distribution centres and industrial properties generally were good value for investors.
"We remain focused on major logistics operators in prime locations around Australia," he is quoted as saying. "We continue to see good deal flow in the Australian industrial market."
