AEW Capital Management has marked its entry into the Asia Pacific logistics real estate market with the acquisition of a A$117.7m (€73.5m) asset in Australia.
The assets are located in Dandenong South, an industrial market southeast of Melbourne’s business district in Victoria, and in the northern industrial suburb of Edinburgh Parks, north of the Adelaide central business district in South Australia.
The real estate manager said the assets have been pre-leased for a 15-year term.
Tanya Do, portfolio manager, AEW Asia Pacific, said: “Both assets are long-hold, income-focused with strong tenant profiles. Located in core industrial precincts and developed with high sustainability aspects incorporated in the design, we expect these properties to deliver quality space to the tenants over the long-term.”
David Schaefer, CEO of AEW Asia Pacific, said: “We believe the assets will benefit from the rapidly accelerating growth in e-commerce demand coupled with supply chain disruptions that have caused companies to increasingly seek sites closer to their end-users.
“These structural trends are expected to continue to create further demand in the logistics sector for many years to come.”
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