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News in Wyndham

Truganina Property Sells for $94.1 Million

Saintly Drive Truganina
  
   

Real estate maneuver in Truganina boosts investment returns and fuels Charter Hall's Sydney project

Real estate company Charter Hall Group has sold an industrial property in Truganina, to Barings for $94.1 million. Charter Hall had originally purchased the property in 2015 for $41.7 million. The property, comprising three modern warehouses totalling 46,933 square meters, is mainly leased to online retailer Catch.com.au and Efflog Operations.

The sale aligns with the property’s book value, resulting in a 4.7% return on investment for Barings. The funds generated from the sale will be reinvested in profitable opportunities, including developing existing land holdings. One such project is the construction of Charter Hall’s first inner-city multi-level warehouse in Sydney, named Ascent on Bourke.

Simon Greig,  Core Logistics Partnership (CLP) Fund Manager, emphasized that the sale is part of CLP’s strategy to provide state-of-the-art industrial facilities, unlocking capital for new growth opportunities and increasing returns for investors. The move reflects a broader trend in the real estate market, with companies strategically buying and selling properties to optimize their portfolios.

The property, located at 2-30 Saintly Drive, was initially bought for $41.7 million by Charter Hall in 2015. The sale to Barings supports Charter Hall’s plans to develop Ascent on Bourke in Sydney. 

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