Mair Property Funds expands diversified fund into South East Queensland

Mair Property Funds has announced the acquisition of their second South East Queensland-based industrial facility, purchased for $9,340,000.

The announcement:

Western Australian property funds manager Mair Property Funds has acquired a second asset in South East Queensland for their popular commercial fund ‘MPF Diversified Fund No.3’, purchasing a modern industrial facility in Larapinta. 

The purchase of this new asset comes after the recent acquisition of a glass processing facility in Crestmead and represents an expansion of the fund’s interests in South East Queensland. 

The commercial funds management company purchased the industrial facility in Larapinta for $9,340,000. 
The facility is located in one of Brisbane’s premier industrial areas and is leased to Linde Material Handling, a division of KION Group – the second largest global manufacturer of forklifts. 

Head of Commercial Funds at Mair Property Funds, Alex Lambert, said the acquisition helps to strengthen the fund’s asset base in Queensland while offering diversification to the recent acquisition in Crestmead. 

“The generic nature of this warehouse complements our recent acquisition of a specialised glass processing facility leased to Visy in the nearby suburb of Crestmead. 

“While this modern facility was constructed for the current tenant in 2006, the generic design and the additional 1000 square metres hardstand to the rear of the property make the site attractive to a number of tenants, providing strong long-term prospects.” 

Mr Lambert also said the quality of the current tenant helped to strengthen the asset. 

“The facility is currently leased to Linde Material Handling, and this aligns with the broader fund strategy of targeting strong tenants with national and global backing”. 

“The WALE for the asset stands at five years, and the current contract allows Linde Material Handling the option to extend for a further five-year term,” Mr Lambert said. 

Mair Property Funds’ Head of Capital Transactions, Simon Worth, said that the location of the facility was one of the asset’s greatest strengths. 

“The warehouse is located 25km south of the Brisbane CBD in the Radius Industrial City which is one of South East Queensland’s most strategically significant industrial regions. 

“Further enhancing the desirability of the asset is its exposure and proximity to the Logan Motorway, one of the major arterial roads and transport routes within South East Queensland, providing convenient access to both air and seaports”. 

MPF Diversified Fund No.3 is looking to build upon the success of the company’s earlier diversified investment funds, with the fund targeting a well-balanced, diversified commercial property portfolio with a total value between $75 – $90 million across Australia.

Source: Mair Property Funds

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