Dexus acquires Sydney industrial property
DEXUS Property Group (DXS) said it has acquired Centrewest Industrial Estate in Silverwater, NSW, for $24.43 million, with an initial passing yield of 9.7% and a weighted average lease expiry by income of 3.8 years. The group said the estate is located adjacent to its existing estate at Egerton Street.
Dexus said the property has a total Gross Lettable Area of 17,838 metres squared with large units fronting Silverwater Road and smaller industrial units located at the rear of the estate.
Head of Industrial at Dexus, Andrew Whiteside, said the acquisition further diversifies and expands the group’s industrial portfolio, consistent with its strategy to invest in quality properties in key locations to deliver quality products for tenants and drive further value for the group.
“This property acquisition allows us to increase our presence in the inner west Sydney market and given the location, adjacent to our existing holding at Egerton Street, enables us to reposition both properties in the future to create a combined estate of over $64 million with a WALE of over four year and a total GLA of 47,164 metres squared,” Mr Whiteside said.
The group’s industrial portfolio has $1.5 billion under management.
As at 1106 AEST, Dexus shares were up 1.5c to 79.5c.
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