Blackstone pick up two Industrial assets

5 December 2018

Blackstone have picked up two new industrial assets in Sydney and Melbourne as they continue to expand their industrial footprint in Australia. The private equity group have paid $33M for the two assets on a blended yield below 6.0%. The Blacktown property at 46 Bessemer Street comprises a 10,220 square metre building on 32,268 square metres of land. The property is leased to Valspar, the paint and coatings manufacturer that was purchased earlier this year by Sherwin-Williams for $US9.3 billion. The lease has three years remaining of a 12-year term, at a passing net rental of $1.255 million net annually. According to the LPI, the asset was sold for $21.5M representing a yield of 5.8%. The Melbourne property at 323-325 St Albans Road in Sunshine North is on a 4.5 ha site and contains more than 10,000 square metres of warehouses. The property is leased to Bluescope with a remaining lease term of 6.3 years at a current net rental of $773,214 per annum. The property is believed to have sold for $11.5M, on a 6.7% yield. Location Map: Sydney Location Map: Melbourne #Blackstone #Industrial