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Goodman pockets A$168M from Melbourne business park sale to super fund investor

Goodman Group shed the Ferntree Business Park in Melbourne for A$168 million, offloading the asset to MTAA Super, a super fund investor, according to a report by The Australian Financial Review.

The property, at 296 Ferntree Gully Road, provides nearly 39,000 square meters of total lettable area and is on an 8.4-hectare land plot. With an average lease expiry of 6.2 years, the business park's tenants are medical industry-heavy, with Drager, Olympus, Johnson & Johnson and Coloplast leasing spaces there, the Aug. 8 report noted.

Colliers International brokered the off-market deal.

Goodman's Goodman Australia Industrial Fund owns the park, which the group redeveloped over five years, starting in 2011.

As of Aug. 7, US$1 was equivalent to A$1.26.