23/07/2014 - 14:32

CorVal acquires Canning Vale industrial site

23/07/2014 - 14:32

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CorVal acquires Canning Vale industrial site

National funds management group CorVal has acquired three industrial properties leased by steel and plastic packaging group PACT Group, including a site at 175 Bannister Road in Canning Vale.

The other two properties were located in Sydney and Melbourne, while the collective value of the acquisition was $37.55 million.

The sales were brokered on behalf of vendor Geminder Holdings by CBRE’s Chris O’Brien and Matt Haddon.

The properties were purchased on the basis of a 15-year triple net leaseback, Mr O’Brien said.

“Given the strength of the incumbent tenant, the portfolio is considered to be one of the most highly regarded industrial portfolios to be taken to market in recent times,” Mr O’Brien said.

“The offering was particularly complex given the mid-campaign listing of Pact Group.”

The transaction follows the sale in May last year of a portfolio of PACT Group warehouses, including a Fremantle property, also brokered by CBRE.

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