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Lendlease's investment arm pays DEXUS A$38M for distribution center

The investment platform of Lendlease Corp. Ltd. purchased a distribution center at Altona North in Melbourne from DEXUS' property platform for roughly A$38.2 million, The Australian Financial Review reported, citing a statement by a Lendlease official.

Myer fully occupies the approximately 30,400-square-meter facility at 121-139 Dohertys Road for a remaining term of more than six years. Passing net income from the property amounts to about A$2.3 million, placing the acquisition's initial yield at roughly 6%.

Dexus has managed the industrial asset, built on 11.59 hectares of land, under its wholesale property fund since 2010, according to the paper. The facility has a nearly 20,000-square-meter surplus land parcel that could potentially be further developed.

Bought on behalf of Lendlease's Australian Prime Property Fund Industrial, the center will boost its asset count to 30.

CBRE and JLL began to market the asset in 2017, the Feb. 1 report noted.