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Charter Hall fund buys Sydney logistics facility for A$71.6M

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Charter Hall fund buys Sydney logistics facility for A$71.6M

Washington H. Soul Pattinson & Co. Ltd. and URB Investments Ltd. sold a logistics facility in Prestons, Sydney, for A$71.6 million to an unnamed buyer.

The Australian reported Sept. 7 that the buyer was a fund associated with Charter Hall Group, and that industry sources said the purchase price could be about A$77 million, including incentives. The sellers added in a release that the price will be adjusted when the development is completed.

The deal is expected to close at November-end, and an existing lease deal and a subsequent tenant lease will be novated to the buyer.

PURT No. 5, an investment trust, held the property at 55 Yarrunga St.