ESR buys CSR Brickworks for $140m4 November 2019
The recent industrial player, ESR has swooped on the opportunity to acquire a 20ha parcel of land in Horlsey Park from brickwork manufacturer CSR.
CSR confirmed the sale at their AGM this week, confirming that the sale of the second stage of surplus land at Horsley Park, is expected to generate Property EBIT of approximately $90 million.
The total sale proceeds of the sale will be approximately $140 million, split into two 10-hectare stages which are expected to be settled in the financial years 31 March 2021 and 2023.
The site is expected to provide capacity for 110,000sqm of space across 6 warehouses. The 20ha site sits off Burley Rd and is adjacent to a 10ha site which Frasers recently acquired for $63.3m.
The sale was brokered by CBRE.
Premium Member Update
1/2/2020 – Property records show ESR paid $58m for Lot 201 (7.7ha) and $30m for Lot 202 (4.0ha), both equate to approx $750/psm. These sites were settled on the 25th January 2020.