GPT Group agreed to purchase five logistics properties in Sydney for an aggregate consideration of A$212 million.

The deals for the properties with a total net lettable area of 88,200 square meters and a combined weighted average lease expiry of 8.6 years was struck on a 5.4% initial passing yield. According to a news release, they are expected to be settled by early July.

The Australia-listed property company also said it started the construction of a 26,000-square-meter logistics project in Melbourne's Truganina suburb and agreed to lease a similar 20,500-square-meter development in the Berrinba suburb of Brisbane, Australia, for a 10-year term.