Property fund enhances its diversification
MacarthurCook has boosted the diversity of its Industrial Property Trust with the acquisition of a two-level office and warehouse complex in northern Sydney.
The purchase strengthens the New South Wales weighting of the trust to 41 per cent and reduces the Victorian and Western Australian contributions to the fund to 23 and 16 per cent respectively.
“This acquisition is positive for the trust’s diversification of income and geographical spread. No single tenant now contributes more than 10 per cent of the trust’s portfolio income and the weighted lease expiry profile will increase to in excess of five years,” MacarthurCook head of property Chris Calvert said.
The new premises located in Frenchs Forest was bought for just over $9.2 million and means the trust now has 14 properties under its control with a combined value of over $150 million. The consideration was calculated to reflect an estimated net yield of 8.57 per cent.
“With the continued investor support that the trust has enjoyed to date, we will continue to search the nation’s industrial markets for investment purposes,” Calvert said.
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