Global property player Hines has bought four logistics properties spanning 58,350 sqm in Sydney and Brisbane from Pipeclay Lawson for $211.5 million.
The acquisitions include three large land sites in western Sydney, located at 68 Anzac Street, Chullora, 13 Ferndell Street, South Granville and 128 Russell Street, Emu Plains.
The fourth property was situated at 55 Brownlee Street, Pinkenba in Brisbane’s Trade Coast precinct.
The deal marks the first logistics acquisition in Australia for the firm’s flagship commingled Asia Pacific core-plus fund, Hines Asia Property Partners (HAPP).
“These four assets provide us with immediate scale and a solid foundation on which to grow our industrial and logistics platform in Australia,” said Alysia Reilly, head of industrial and logistics, Australia at Hines.
“Our acquisition strategy is location-driven so the fact that this portfolio was heavily weighted to Sydney was a key driver.
“We are actively targeting locations that fit Hines’ last-mile / urban logistics criteria and assets that we can transition into next-generation urban infill distribution centres over time.”
55 Brownlee St, Pinkenba
Hines has secured nine logistics assets totalling 290,000 sqm in six cities across Australia, China, Japan, South Korea, and Singapore since 2020.
“HAPP will target increasing opportunities similar to this Australia acquisition and build significant exposure to logistics through our portfolio deals in Asia Pacific,” said Simon Shen, senior managing director and fund manager of HAPP at Hines.
JLL Capital Markets Industrial & Logistics team represented the vendor.
The transaction comes days after Coombes Property Group bought an industrial landholding in southeastern Sydney for $25.25 million, reflecting a land rate of $3,396 per sqm.
Pittwater Industrial recently purchased a new logistics facility in Prestons for $58.255 million, while Leda Holdings sold a 7.71-hectare industrial infill site in Milperra in Sydney’s west that was earmarked for a new multi-storey logistics redevelopment.
In February, Logos, KKR and Mubadala Investment bought industrial development sites in Sydney and Melbourne, while Centuria Industrial REIT purchased a portfolio of six urban industrial assets located across Melbourne, Sydney and Brisbane in January.
