Aspen Fund buys $20m industrial site

ASPEN Group’s unlisted Aspen Diversified Property Fund has paid $20 million for an industrial complex in Melbourne, in addition to offloading its Midland Cinema Complex in Perth for $5.5 million. Located in Mulgrave, Melbourne, the 2.2-hectare site with an office/warehouse is fully leased by HRL Ltd and Optus, and was bought from the Mirvac Industrial Fund on a yield of 8.3 per cent. The industrial acquisition takes the total of Aspen Diversified assets to nine, with a value of $156 million. At the same time, the fund has sold the Midland Cinema Complex for above book value, with the site expected to be redeveloped by the buyer once the deal is settled this month. The complex was originally bought by the fund in April 2005 for $6.15 million, along with four other Perth properties for a total of $36.1 million. Aspen Group managing director Angelo Del Borrello said the fund would continue to seek quality acquisitions in the $5 million to $30 million range to achieve its target of $250 million in assets.

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