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Eastern Creek Warehouse Sale

A company associated with Greenlit brands has sold a 6.1ha parcel of land at 1 Eucalyptus Place Eastern Creek to a swiss based group for $99.55M.

The property is the distribution facility for Best & Less and comprises a 35,000sqm warehouse with associated office space. The site was originally developed by Australand in 2011.

The purchaser, Swiss Pillar Investments is a subsidiary of Swiss Re an account managed by AMP Capital. Swiss Re (via AMP Capital) also acquired Marketplace Warner for $78M in October 2017 and 469 LaTrobe Street Melbourne VIC for $160M in November 2017.

The vendor, Greenlit brands operates Fantastic Furniture, Freedom, Best & Less, Snooze, Harris Scarfe, Plush, Postie and Original Mattress Factory. It's parent company, the Frankfurt-listed integrated global retail group, Steinhoff International has been under investigation after allegations that management used off-balance-sheet entities to hide losses and artificially pump up its market value. The Australian business operates independently and had attempted to distance itself from their parent.

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