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Dexus buys $1.5 billion logistics portfolio

Dexus has landed Perth’s Jandakot airport in a $1.5 billion deal with Melbourne, Sydney and Perth properties.

The portfolio includes the Jandakot private airport, land in Sydney’s west and a logistics site in Truganina that is leased to Australia Post.

The deal was done with Dexus’ newly acquired APN Industria REIT, which will raise $350 million in equity to partially fund its share of the acquisitions at a fixed issue price of $3.45 a security.

Dexus intends to take up its full $40 million entitlement and has also provided a commitment to sub-underwrite $39 million across the retail tranche of the offer.

The Jandakot City industrial estate and its 49 properties comes with the 620-hectare aviation airport, as well as considerable potential for further development.

Dexus and the Industria REIT will jointly acquire a 42,500sq m facility at Kemps Creek in Sydney, and the Industria REIT will take over a logistics hub at Truganina, occupied by Australia Post.

Centuria Industrial REIT has also expanded its portfolio, with eight key urban-infill industrial properties in Sydney, Melbourne, Brisbane and Perth for $351 million.

A $200 million DC in Sydney’s West is the showcase of the deals, which was recently secured on a record low yield.

The remaining seven assets, worth $151.1 million, are spread across NSW, Victoria, Queensland and Western Australia over distribution, cold storage and transport.

Colliers’ agents undertook the deals.

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