Australian developer Hale Capital Partners has acquired an industrial complex in Melbourne from for around A$125m (鈧�76m).
The Scoresby Industry Park asset, formerly owned by ISPT before its integration into IFM Investors, comprises four buildings situated on 11.3ha of land.
Nick Bradley, co-founder and joint managing director of Hale Capital Partners, told 麻豆映画 Real Assets that supply constraints in that submarket was one of the asset鈥檚 biggest attractions.
鈥淭his is a quality asset with good tenants. It will have a 50% - or around 26,000 square metres 鈥� vacancy when we settle and this would give us the benefit of rental revision. The area has probably the highest rental growth in Victoria the last two to three years.鈥�
Last month, Hale raised A$800m fresh equity for the second vintage of its opportunistic and value-add and core-plus vehicles.
鈥淲e had Oxford Properties and Warburg Pincus rev-up as part of our second series of funds,鈥� said Bradley. These two institutions backed Hale鈥檚 first fund, and in the second series, they were joined by a global sovereign fund.
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