Mirvac purchases Altis industrial assetsIn the largest industrial portfolio sale in five years, Mirvac has acquired five assets from Altis Property Partners to the value of $224.1 million.Assets purchased from Altis’ AREEP 1 Portfolio include four properties in NSW across industrial and logistics, as well as an industrial warehouse in South Australia.The deal was negotiated by Colliers International.Colliers International’s Gavin Bishop said the portfolio attracted “exceptional” interest from the market, garnering more than 30 enquiries for the whole portfolio, both from AREITs and off shore REITs.Bishop said investors are attracted to industrial property’s strengthening returns because of its structured income, strong covenant and low associated risk.Colliers said research shows that total returns for industrial property have been strengthening since December 2012; in the June quarter, returns sat at 12.1 per cent, the highest rate since March 2008.Assets purchased from Altis:39 Britton Street, Smithfield, NSW: An institutional-grade industrial facility with a net lettable area of 13,390sqm.34-38 Anzac Avenue, Smeaton Grange, NSW: A modern multi-tenanted estate of 22,062 sqm NLA, with a strong tenancy profile.8 Brabham Drive, Huntingwood, NSW: A new facility of 6048 sqm on a site area of 26,970 sqm located in a key logistics centre for Sydney.39 Herbert Street, St Leonards, NSW(pictured): An industrial estate with a net lettable area of 36,847 sqm on a 3.7ha site.34-44 Jonal Drive, Cavan, SA: A modern industrial warehouse of 8323 sqm with surplus land for additional development.
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