GPT expands in booming logistics sector
Wednesday, 13 February 2019
Melbourne, Vic, Australia
GPT has added to its growing logistics assets with two purchases worth a combined $28 million.
The diversified property group has purchased two industrial sites in Melbourne's west, a 10,700 sqm warehouse facility on Mount Derrimut, built in 2011, and a 11,000 sqm facility on Boundary Road in Truganina, built in 2014.
The two new acquisitions, combined at 8.9 ha, are within close range of the Western Ring Road and have easy access to the Port of Melbourne and CBD.
GPT's head of office and logistics, Matthew Faddy, says Melbourne's available logistics land has begun to tighten with evidence in rental uplift.
"We have completed a number of acquisitions in Melbourne's west, and we are pursuing further opportunities in our preferred markets of Sydney and Melbourne," he adds.
"Through targeted acquisitions and creation of investment product via the development pipeline, the portfolio is well positioned for future growth."