Real Estate has acquired Australia鈥檚 sovereign wealth fund鈥檚 50% stake in the Industrial Partnership for an undisclosed sum.
Dexus and the Future Fund formed the partnership in 2014 to own a portfolio of industrial properties. The portfolio comprises an estate at Quarrywest in Greystanes in Sydney鈥檚 west and two Brisbane properties.
A source told 麻豆映画 Real Assets that Dexus had a value of AUD167m (鈧�103.7m), as of 30 June 2018, on its book for its half share of the portfolio.
The source added: 鈥淢&G鈥檚 investment is priced at a premium to the 30 June built up book value and is in line with the December 2018 valuations.鈥�
The latest deal is M&G Real Estate鈥檚 third acquisition in Australia this year following 40 Mount Street in Sydney and 80 Ann Street in Brisbane.
Including this transaction, the 拢31.70bn (鈧�35.15bn) property manager said its total exposure to Australian real estate has risen to AUD2.37bn.
Richard van den Berg, manager of the M&G Real Estate鈥檚 core Asia Property strategy, said: 鈥淒emand for prime logistic assets closer to cities is increasing as retailers are increasing their omni channel presence. These properties are well positioned to add significant value to our strategies.鈥�
Ng Chiang Ling, CEO and CIO of M&G Real Estate, Asia, added that M&G looks forward to developing is strategic partnership with Dexus and working with them to increase its exposure in Australia.
Dexus鈥� executive general manager, funds management, Deborah Coakley said: 鈥淲e are delighted to welcome M&G Real Estate onto our funds management platform and look forward to facilitating their industrial property growth mandate.鈥�
