Melbourne, 6 May 2013 – Centralbridge is capitalising on strong investor demand for industrial investment and development opportunities with the sale of a substantial Pact Group trans-Tasman portfolio.
Four properties will be offered for sale, all of which form part of the extensive Centralbridge industrial portfolio. The diverse assets are geographically spread across Australia and New Zealand and are a combination of passive investment properties and redevelopment opportunities (subject to the relevant planning approvals).
CBRE has been appointed as the exclusive selling agent for the properties, which are to be offered for sale individually or in one line in a campaign tipped to generate high demand and solid buyer interest.
The assets, situated in Moorabbin (Victoria), Condell Park (New South Wales), O'Connor (Western Australia) and East Tamaki (New Zealand) have a combined value in the order of $80,000,000.
With the exception of O'Connor (which will be offered on a short term lease or with vacant possession), the properties are to be sold subject to long term 12 year leases, to subsidiaries of the market leading steel and plastic packaging business, PACT Group.
The portfolio is being offered for sale via an Expressions of Interest Campaign closing 14 June 2013 at 4.00pm. CBRE’s Victorian Industrial Investments team of Chris O’Brien, Matt Haddon and Rory Hilton will steer the sale campaign.
Centralbridge Owner, Raphael Geminder, said; “Given the improved state of the industrial market, Centralbridge has identified that now is the ideal time to divest a portion of our portfolio.”
CBRE’s Chris O’Brien said; “Rarely does a diversified industrial portfolio offering a genuine blend of well leased passive investments with future/immediate upside become available, especially one secured by premium grade lease covenants of this nature.”
“Given the diversity of the portfolio we anticipate strong local interest along with enquiries from major portfolio players looking to capitalise on the relatively stable economy and attractive borrowing rates that are currently available.”
Mr O’Brien added; “With the exception of O'Connor, each asset is subject to a long term lease to a subsidiary of PACT Group, an Australian packaging leader that employs over 3,500 people and makes everything from steel drums to plastic laundry detergent bottles. This long term secure income underpinned by the high land values will only enhance the potential performance of the assets over the investment horizon.”
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