Industrial windfall for Cbus
Industry super fund, Cbus Super, has recouped almost 30 per cent of its investment in a Victorian business park, through the sale of three industrial facilities.
Cbus' property investment vehicle, Cbus Property, sold the three warehouses on the site of the former Holden manufacturing site in Dandenong South, to Perth-based investment company, Warrington Property, for $39.3 million in an off-market deal, Fairfax media has reported.
The units, which sit on an eight-hectare block fronting the Princes Highway, provide a 7.7 per cent yield, and have a weighted average lease expiry of 4.2 years.
The site forms part of the 46 hectare Estate One business park that Cbus Property purchased in 2007 for $136.5 million.
Fairfax reported that Cbus Property sold a retail complex within the business park in November for $54.3 million.
Estate One business park has not been the only property Cbus has cashed in on, with the super fund's property business more than doubling its 2013 investment in a Sydney office block earlier this month, after selling the Hyde Park tower building for $120 million to Chinese investors, having bought it for $55 million.
AUTHOR
Nicholas O'Donoghue
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