A portfolio of industrial and warehouse properties being developed by Blackstone and Fife Capital has been traded with Blackstone selling their 90% stake for $850m.
The parties have remained tight lipped about the trade but have confirmed that the deal was based on a 4.5% cap rate.
Fife and Blackstone established the portfolio of 20 assets in Sydney and Brisbane over the last 5 years. Over this period, Fife Capital have invested $480M on acquisitions in the Industrial and Development space across NSW, QLD and VIC (see list below in Premium Content).
The portfolio was listed for sale in late 2020 however disruptions due to Cornavirus prompted the group to put the sale on hold. Meanwhile Blackstone concurrently listed their Milestone Logistics Portfolio which has since been sold to ESR for $3.8bn.
PGIM Real Estate, is Prudentialās real estate arm and has completed more than $29 billion in transactions worldwide in 2020 and currently has gross assets under management of $188 billion. PGIM previously dealt with Fife Capital in the acquisition of a 75% interest in 383 George Street in April 2018 for $200m. The remaining 25% interest was held in the Fife managed Terra Australis Property Fund (“TAP”).
Blackstone remain convinced that logistic and warehouses support the growing trends toward e-commerce and are likely to turn their attention toward last mile logistics solutions, which will become more important to organisations seeking to improve the efficiency and speed of delivery to consumers.
Goodman are likewise pushing further into the last mile logistics space promoting a multi-tiered distribution strategy to its tenant clients, comprising a number of satellite distribution centres spread around an urban area, each supported by larger distribution centres.
Fife Capital Acquisitions
Our RESourceData records real estate transactions above $5m across the key property sectors dated back to 2015.
Since 2015, Fife Capital have acquired the following assets. It is not clear which if these assets were included in the PGIM & Manulife acquisition.
| 1 Heyington Ave VIC | $ 12,942,716 | 1/11/2015 |
| 1937 Ipswich Rd Rocklea QLD | $ 22,057,257 | 1/11/2015 |
| 6 Inglis Rd Ingleburn NSW | $ 8,550,000 | 1/12/2015 |
| 102 Trade St Lytton QLD | $ 14,500,000 | 1/02/2016 |
| 2642 Ipswich Rd Darra QLD | $ 29,500,000 | 20/04/2016 |
| 36 Fulcrum Street RICHLANDS QLD | $ 18,000,000 | 9/12/2016 |
| 495 Blackburn Rd Mount Waverley VIC | $ 76,300,000 | 23/06/2017 |
| 920 Nudgee Rd Banyo QLD | $ 36,550,000 | 29/11/2017 |
| 8 Williamson Rd Ingleburn NSW | $ 65,400,000 | 28/02/2019 |
| 649 Springvale Road Mulgrave VIC | $ 26,000,000 | 30/08/2019 |
| 50 Eastern Creek Dr Eastern Creek NSW | $ 34,100,000 | 28/10/2019 |
| 1 Kurrajong Rd Prestons Nsw | $ 14,740,000 | 27/07/2020 |
| 233 Catherine St Leichhardt NSW | $ 15,500,000 | 5/10/2020 |
| Lot 301 Titan Drive Merrifield VIC | $ 83,000,000 | 29/10/2020 |
| 6 Hepher Rd Campbelltown NSW | $ 19,140,000 | 9/11/2020 |
| 109 Samuel Marsden Rd Orchard Hills Nsw | $ 5,000,000 | 29/03/2021 |
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