Dexus has bought a Ford distribution centre in Victoria and an industrial site in Sydney for $173.5 million.
The acquisitions take the developer’s industrial property portfolio to more than $5 billion.
The Ford site at Merrifield Business Park is being built for the car manufacturer’s spare parts distribution centre.
Dexus said the site will generate a passing yield of 5.25 per cent with fixed annual increase of 3.25 per cent over the initial lease term.
The Sydney site is at Greenacre in the city’s south-west, and is leased to Real Dairy Australia and Tomkin. Part of the site is being developed for Real Dairy.
Dexus said the property will generate a passing yield of 5 per cent with fixed annual increases of 3.0 per cent per annum.
The developer has bought the properties through its 51 per cent interest in Dexus Australian Logistics Trust. Dexus’ share is $88.5 million.