Ascendas-Reit, a Singaporean real estate investment trust, has acquired a new logistics property in Western Sydney for $23.5 million. The property is in Yennora and covers 26,632 sqm. It is expected to be complete in the second quarter of 2021.
“Despite the COVID-19 pandemic, Sydney continues to be the strongest industrial market in Australia underpinned by robust tenant demand and sustained levels of investor interest. The acquisition of this new prime grade logistics property gives Ascendas Reit greater exposure to the Sydney market and also enhances the quality of our portfolio,” Mr William Tay, Executive Director and Chief Executive Officer of the Manager said.
The Property is well located in the established inner-western Sydney industrial precinct of Yennora, an area that is enjoying renewed growth given its proximity to central western Sydney and the trend towards last mile logistics.
The area is well serviced by the Hume Highway to the south and M4 Motorway to the North that links the west, east and south west of Sydney.
The Property is approximately 26 km west of the Sydney Central Business District and is surrounded by logistics and industrial properties. The quality of Ascendas Reit’s Australian portfolio will be further boosted by this prime grade logistics warehouse located on freehold land (26,632 sq m). With an approximate lettable floor area of 13,100 sq m, it is designed to be functional and efficient for a wide range of users.