SYDNEY--(BUSINESS WIRE)--Cabot Properties, a prominent investor, developer, and operator of logistics properties throughout the United States, Europe, and Asia Pacific, today announced the acquisition of 42-52 Raymond Avenue, Matraville, a newly built 19,819-square-meter (213,330-square-foot) logistics property in the submarket of South Sydney, Australia for A$137.6 million (USD$91.8 million) from LaSalle Investment Management. The transaction is the firm’s first acquisition in Sydney and is aligned with its strategy to invest in infill industrial real estate in top global logistics markets.
Among the first institutional grade multi-story logistics developments in Australia, 42-52 Raymond Avenue is a Class A, two-story, ramp-up logistics facility consisting of four units ranging in size from 4,640 to 5,109 square meters (49,945 to 54,993 square feet). Of the four units, one is currently leased to an established local roofing material supplier. The development was built to Four Star Green Star standards, with sustainability features that include a 300kW solar PV system, energy monitoring systems, a rainwater recycling system, and an EV charging station.
“We are excited to expand Cabot’s presence in Australia,” said Sally Box, Managing Director of Investments, Asia Pacific for Cabot Properties. “As an established product type across Asia but an emerging one in the Australian landscape, multi-story warehouses are attractive for many reasons – but among the most important is the increased density, which maximizes land use to both enhance sustainability and increase storage capacity, ultimately supporting greater distribution capabilities.”
This acquisition takes place in one of the most land-constrained industrial submarkets in Sydney. The property’s location offers convenient access to the major transportation arteries of the Eastern Distributor, Southern Cross Drive, M5 Motorway, and the new WestConnex M8 Motorway, which provide access to approximately 3.4 million residents within a 45-minute drive time. The building is also located within close proximity to the Sydney Airport and Port Botany, allowing for seamless connectivity to international transport gateways.
The development was delivered by LaSalle Investment Management, together with Hale Capital as Development Partner and Vaughan Constructions as the appointed Builder. The transaction was handled by Colliers International’s Gavin Bishop, Sean Thomson, Michael Crombie, and Trent Gallagher via an Expressions of Interest campaign.
About Cabot Properties
Cabot Properties is an international private equity real estate firm focused on the logistics sector. Founded in 1986, Cabot was one of the first real estate firms to provide institutional investors with access to the industrial property sector and has invested over $15 billion in logistics real estate, served over 4,200 tenants, and operated over 1,600 buildings totaling more than 230 million square feet. Cabot is headquartered in Boston with offices in Atlanta, Chicago, Dallas, Los Angeles, Amsterdam, London, Sydney, Munich, and Tokyo. For more information, visit www.cabotprop.com.