Perth-based syndicator Properties & Pathways divests industrial and logistics portfolio for $78.8 million

A Perth-based property syndicator has concluded its divestment of a tri-state industrial and logistics portfolio for $78.8 million.

Properties & Pathways has sold its six assets across Perth, Brisbane and Melbourne, which covered 120,000 sqm of industrial infill land, with a combined GLA of 40,000 sqm and average WALE of four years.

On behalf of two separate funds, RF Corval purchased the final four assets for a total of $45.7 million.

These assets include three landholdings in Brisbane – two in Crestmead and another in Acacia Ridge – accompanied by one in Welshpool, Perth. These acquisitions have a combined site area of 69,000 sqm and a GLA of 28,000 sqm.

The sale price reflects an initial yield of 5.98%, with passing rents considered below market.

Last year, the two other properties were sold; one in Laverton in Melbourne and the other in Larapinta in Brisbane.

The sale campaigns were managed by Jack Pershouse of CBRE.

“The Properties & Pathways portfolio featured a quality spread of incoming producing assets across core logistics locations,” Mr Pershouse said.

“These low-site-coverage landholdings generated strong interest, given their locations and accessibility, combined with pending lease expires and low vacancy rates that are allowing buyers to factor in plausible future rental growth.

Jack Pershouse, CBRE

“Including these purchases by RF Corval, the outcome represents value for the buyers and a great outcome for Properties & Pathways.”

Properties & Pathways

Cal Doggett, Properties & Pathways Managing Director, added that entering the market at the right time has delivered a fantastic result for their investor base.

“The fundamentals that attracted us to acquire these assets over the past four years are exactly the same characteristics that will allow the successful buyers to enjoy continued growth for years to come, despite capitalisation rates,” he said.

Cal Doggett, Properties & Pathways

FR Corval continues to build a diversified portfolio of urban industrial assets across the capital cities, benefiting from low site coverage, scarce supply and strong demand.

“Underpinned by high land values, we consider them as key defensive opportunities” CEO Rob Rayner said.

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