Sydney-based real estate firm LOGOS and Swiss private equity firm Partners Group announced today that they have completed the final sale of an industrial site in Yennora, west of Sydney, for $49 million.
The final sale, which involved 8.8-hectare lot with improvement, yielded a total of $129 million since the first sale in 2016, a joint statement said.
LOGOS and Partners Group teamed up in 2015 to acquire the site from its former owner, the global aluminium producer Alcoa, for $47 million, with the intention of developing it for a return to active industrial use over a four-year period.
The two firms then undertook complex repositioning of the property, which included retaining and redeveloping some of the existing buildings in three master lot stages, and then further subdividing it into 12 smaller lots.
The property is located close to the Yennora station and several major arterial roads, including the Cumberland Highway and M4 Motorway, and is surrounded by a number of industrial developments, according to the statement.
The Yennora site is situated 24 kilometres from Sydney’s central business district.
“We are pleased to have successfully transformed this asset to deliver outstanding risk-adjusted returns through a disciplined approach of active management,” said LOGOS fund manager David Timso.
Bastian Wolff, Partners Group’s managing director and head of Asia Pacific Private Real Estate, said the Yennora site has been a “very successful investment” for the firm’s client.
“The project has demonstrated Partners Group’s strategy of acquiring a large, infill logistics site, well positioned to benefit from strong local demand and generating solid returns through value creation,” Wolff added.
CBRE’s Elijah Shakir and Jason Edge negotiated the various sales on behalf of LOGOS and Partners Group.