EG, a leading Australian real estate fund manager, is pleased to announce the recent acquisition of an industrial site at 28 Flint Street, Richlands, QLD for their Australian Core Enhanced Fund (EG
ACE).
The property is the ninth asset the EG team has acquired for the Fund, which has seen significant success in recent months. Such success has included the acquisitions of a $32 million industrial estate in Mansfield, and a $450 million office portfolio in Sydney’s CBD.
“28 Flint Street, Richlands fits well with the EG ACE strategy to acquire assets in locations with strong underlying fundamentals”, said EG’s Senior Manager – Capital Transactions, Will Clark. “This will be another high-quality addition to the portfolio, continuing our focus on ensuring our assets are equipped to meet the ever-evolving requirements of our tenants.”
The site was brokered off-market by CBRE.
EG ACE is an open-ended, diversified fund which seeks to reposition assets to core, targeting office, retail and industrial real estate in Australia. The Fund has additional undrawn investable capital of approximately $500 million.
Purchased at a price of $21.5 million, the asset is located in a highly soughtafter precinct for occupiers, due to its close proximity to the CBD (18km) and access to the major motorway networks. EG is entering into an agreement with Frasers Industrial Property, who, as part of the deal, will deliver a brand new 12,157sqm warehouse facility.
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