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Unitrans Sells Kings Park Asset
August 9, 2019
Unitrans Properties which was originally part of the larger Steinhoff organisation has transferred an industrial asset in Kings Park, NSW, as part of the ongoing restructure of the organisation.
The 6.4ha property at 2-4 Harvey Rd is the Head Office of the distribution business of Unitrans Supply Chain who predominantly services the Greenlit brands which include Freedom, Fantastic Furniture, Plush and Snooze and general merchandise retailers Best & Less, Harris Scarfe and Postie, all of which separated from Steinhoff in 2018.
Unitrans has transferred the asset to The Trust Company for $81.285m, reflecting a rate of $1,225/sqm of site area. It is unclear whether The Trust Company is holding the asset for the restuctured Steinhoff or an unrelated entity.
The asset was however part of an agreement Steinhoff entered into with their creditors following an investigation into financial irregularities of the company back in late 2017. Those agreements permitted the sale of one its assets (the Best & Less Distribution Centre in Eastern Creek, which we reported on in March) whilst the Kings Park asset was expected to be retained and form part of the business restructure.
Steinhoff acquired the asset from GPT in 2015/16 for $50m.
Two other assets have sold in Kings Park in recent times. In December Blackstone acquired, 46 Bessemer Street which comprised a 10,220sqm building leased to Valspar, the paint and coatings manufacturer for $21.5M representing a yield of 5.8%. In May GPT acquired a property at 30 Bessemer as part of a $105M portfolio acqisition from AMP Capital.