The acquisition of the warehouse, in the Melbourne suburb of Derrimut, follows Investec’s recent acquisition of two New South Wales-based properties in 2014.
IAPF said the acquisition, which was effective from 22 December 2014, brings the total purchase price value of its properties to $155 million since March 2014.
“The weighted average lease expiry is eight years and the property is leased to Groundmaster Engineering Pty Ltd, whose principal business activities comprise industrial engineering design solutions,” a statement from IAPF said.
IAPF chief executive Graeme Katz said the acquisition was accretive to the fund and represents an annualised property yield of 7.73 per cent.
“The acquisition aligns well with the fund’s strategy of investing in well-located, high-quality assets,” Mr Katz said.
“The property is located in a well-established industrial precinct and secured by a strong lease covenant.”
“We are actively seeking opportunities to grow and diversify the fund’s asset base, enhance value and contribute to sustainable income growth for our investors,” he said.
