Growthpoint has sold an Industrial asset in Broadmeadows for $50.2m to LOGOs.
The property at 120 Northcorp Boulevard, Broadmeadows, Victoria, was previously leased to Woolworths who vacated in February 2020 as part of their move to a new distribution centre.
Prior to the outbreak of the COVID-19 virus, Growthpoint had been progressing development plans for this asset. However, as part of its response to the pandemic, Growthpoint delayed all non-essential capital projects, and decided to review its options for this site, including divestment.
After receiving numerous enquiries, the Group has exchanged contracts to sell the asset to a LOGOS venture on behalf of Ivanhoé Cambridge. The contract of sale is unconditional and settlement is due to occur on 4 September 2020.
Timothy Collyer, Manager Director of Growthpoint, said, “After reviewing our options for the site, we decided to sell this asset, as undertaking a lengthy development project was outside of our risk and return appetite in the current operating environment. The proceeds from this sale will be used to repay debt, further strengthening our balance sheet.”
LOGOs have been particularly active in recent weeks having acquired a 9.2ha site in Epping from TIme & Place valued at circa $70m and two high quality distribution centres from Sigma Healthcare Limited (Sigma) in Kemps Creek, NSW and Berrinba, Queensland for $172 million.
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