Goodman in $70m Logos deal

Logos have acquired another site from Goodman at Truganina in Melbourne's west for $70M on an initial yield around 5.25%.

 

The 8.5ha site, in the Connectwest Industrial Estate on Logistics Drive, will be developed by Goodman as a 48,770sqm distribution centre for furniture retailer, AMart.

 

Goodman had earlier announced its 10 year lease deal with AMart suggesting that the end value of the asset was circa $65M. The deal is expected to complete in early 2020.

 

According to Logo's, their Melbourne portfolio now stood at about 350,000sqm with an additional 27ha of development land at its Truganina Logistics Estate.