EG makes industrial Kurnell acquisition for Core Enhanced Fund

EG makes industrial Kurnell acquisition for Core Enhanced Fund
EG makes industrial Kurnell acquisition for Core Enhanced Fund

EG, an Australian real estate fund manager, has purchased 230 Captain Cook Drive, Kurnell in NSW for $36 million.

The transaction was brokered off-market by Trent Gallagher of Colliers International.

Located approximately 30 mins drive from Sydney Airport and Port Botany, the two-level commercial building and industrial warehouse built over three stages between 2010 and 2013 consists of 15,955 square metres of gross lettable area.

The asset has been acquired on a two-year leaseback to Dicker Data, a leading distributor of IT hardware, software cloud and loT solutions.

The net passing income of $2.1 million per annum delivers an initial yield of 5.8%.

The acquisition is the first property secured for the Australian Core Enhanced Fund (ACE), just one month after the $800 million fund was launched.

ACE is an open-ended, diversified fund targeting office, retail and industrial assets.

The Head of Australian Core Enhanced Fund, Daniel Farley said the Dicker Data facility offers a newly constructed, high-quality industrial facility located within a gentrifying precinct with strong tenant demand.  

"We are strong believers in the underlying drivers behind the broader industrial market and this asset is perfectly positioned to benefit given the short leaseback period," Farley said.

"EG is looking forward to many more successful acquisitions for our investors in the ACE fund."

Tags: 
Industrial Kurnell

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?