Dexus Property Group has acquired an industrial park in the western Melbourne suburb of Braeside for $50.6 million. The group expects to see a significant uplift on its investment, with this acquisition coming at the end of a $1.1 billion acquisition spree.
The Braeside facility is a 40,554sq m prime-grade logistics facility with a 12.3 year weighted average lease expiry. It showed a core market yield of 6.09 per cent.
Other recent acquisitions by Dexus include the purchase of Domain Group’s headquarters in inner-Sydney suburb Pyrmont for $327.5 million, as well as a half-stake in the $1.4 billion MLC Centre in the Sydney CBD.