Australasian private equity investment firm Pacific Equity Partners hired CBRE to explore the sale of a A$400 million portfolio of industrial and logistics assets, The Australian reported.
Up for grabs are about 10 sites spread across Australia that are leased to Pacific Equity subsidiary Allied Pinnacle Pty. Ltd. The transaction could be 2017's biggest logistics property sale, the report said.
Allied Pinnacle CEO James Ajaka said proceeds from the sale will be used to expand the firm's bakery products manufacturing subsidiary.
As of Aug. 4, US$1 was equivalent to A$1.26.