This article is from the Australian Property Journal archive
REAL estate fund manager EG is padding out its 2019-launched ACE Fund, with the purchase of an industrial site in Richlands in Brisbane’s outer south-west.
The 2.2-hectare site, at 28 Flint Street, was acquired for the fund manager’s open-ended diversified fund, Australian Core Enhanced Fund (ACE), for $21.5 million.
Located at the in demand industrial precinct, just 18km from the Brisbane CBD, with access to major motorway networks, the Centenary Motorway and the Logan Motorway and frontage to both Flint Street and Boundary Road.
EG will construct a new 12,157sqm warehouse facility on the site, in a deal with Frasers Industrial Property, who will deliver the building.
“28 Flint Street, Richlands fits well with the EG ACE strategy to acquire assets in locations with strong underlying fundamentals,” said Will Clark, senior manager of capital transactions for EG.
This purchase will be the ninth for the ACE fund, that targets office, retail and industrial real estate across the country.
The acquisition comes after the purchase of a $32 million industrial estate in Mansfield, as well as the recent $450 million trio of office properties in Sydney and North Sydney.
“This will be another high-quality addition to the portfolio, continuing our focus on ensuring our assets are equipped to meet the ever-evolving requirements of our tenants.”
EG is currently looking at further acquisitions that meet the investment criteria for the EG ACE.
The purchase of 28 Flint Street was brokered off-market by CBRE.
