Blackstone pick up two Industrial assets
Blackstone have picked up two new industrial assets in Sydney and Melbourne as they continue to expand their industrial footprint in Australia. The private equity group have paid $33M for the two assets on a blended yield below 6.0%.
The Blacktown property at 46 Bessemer Street comprises a 10,220 square metre building on 32,268 square metres of land. The property is leased to Valspar, the paint and coatings manufacturer that was purchased earlier this year by Sherwin-Williams for $US9.3 billion. The lease has three years remaining of a 12-year term, at a passing net rental of $1.255 million net annually. According to the LPI, the asset was sold for $21.5M representing a yield of 5.8%.
The Melbourne property at 323-325 St Albans Road in Sunshine North is on a 4.5 ha site and contains more than 10,000 square metres of warehouses. The property is leased to Bluescope with a remaining lease term of 6.3 years at a current net rental of $773,214 per annum. The property is believed to have sold for $11.5M, on a 6.7% yield.
Location Map: Sydney
Location Map: Melbourne