Mair Property Funds Expands Diversified Fund to South East Queensland
Mair Property Funds announces the acquisition of their second industrial facility based in South East Queensland, purchased for $ 9,340,000.
Western Australian real estate fund manager Mair Property Funds has acquired a second asset in South East Queensland for its popular MPF Diversified Fund No.3, by purchasing a modern industrial facility in Larapinta.
The purchase of this new asset comes after the recent acquisition of a glass processing plant in Crestmead and represents an expansion of the Fund’s interests in South East Queensland.
The goodwill management company purchased the Larapinta industrial facility for $ 9,340,000.
The facility is located in one of Brisbane’s main industrial areas and is leased to Linde Material Handling, a division of KION Group, the world’s second largest manufacturer of forklifts.
Mair Property Funds head of commercial funds, Alex Lambert, said the acquisition helps strengthen the fund’s asset base in Queensland while providing diversification to the recent acquisition at Crestmead.
“The generic nature of this warehouse complements our recent acquisition of a leased specialty glass processing plant in Visy in the nearby suburb of Crestmead.”
âAlthough this modern facility was built for the current tenant in 2006, the generic design and the additional 1000 square meter support at the rear of the property make the site attractive to a number of tenants, offering strong prospects. long-term “.
Mr. Lambert also said that the quality of the current tenant has helped strengthen the asset.
“The facility is currently leased to Linde Material Handling, and this aligns with the broader fund strategy of targeting strong tenants with national and global support.”
âThe WALE for the asset is five years, and the current contract allows Linde Material Handling to extend it for a further five years,â Lambert said.
Simon Worth, head of capital transactions at Mair Property Funds, said the location of the facility was one of the asset’s greatest assets.
“The warehouse is located 25 km south of Brisbane’s business district in the industrial town of Radius, one of the most important industrial areas in South East Queensland.”
“Interest in the asset is further enhanced by its exposure and proximity to the Logan Highway, one of South East Queensland’s major arteries and transport routes, providing convenient access to airports and seaports “.
MPF Diversified Fund No.3 seeks to build on the success of the company’s previous diversified investment funds, with the fund targeting a well-balanced and diversified commercial real estate portfolio with a total value of between $ 75 million and $ 90 million in Australia.
Source: Mair Property Funds