Mair Property Funds expands portfolio with two new acquisitions
The team at MPF are excited to announce we have expanded our asset portfolio with the settlement of two new acquisitions in Adelaide and Perth.
The assets include a modern office/warehouse facility located in the prominent industrial area of Pooraka in Adelaide’s north-west, and a brand new Commercial Service Centre in Banksia Grove WA, acquired by our team for $7,550,000 and $20 million respectively.
These mark our fourth and fifth acquisitions this year after placing a strong focus on expanding our portfolio in response to growing levels of investor demand, both in the retail and wholesale space.
The Adelaide-based warehouse also represents our first purchase in South Australia following close monitoring of the market by our acquisitions team, and our fourth raising for MPF Diversified Fund No. 2, which now holds six assets across Western Australia, South Australia and Queensland spanning the retail, medical and industrial sectors.
The asset offered a number of benefits including reduced acquisition costs through the stamp duty exemption in South Australia, and is well-located along one of Adelaide’s most important freight transport routes.
The property also has a strong tenant in leading steel distributor, Vulcan Engineering Steels, who currently have over seven years remaining on their lease term.
Our second acquisition – a mixed-commercial service centre located in Perth’s expanding North East corridor – also marked a milestone for the MPF team, with the launch of our new wholesale investment trust, MPF Banksia Grove Property Fund.
The asset, which spans a site of 13,164 sqm, benefits from a prominent corner location at the intersection of Joondalup Drive and Joseph Banks Boulevard, and is well positioned to leverage future growth opportunities in Perth’s expanding North East region.
While benefiting from a shortage of further commercial service and retail space in the surrounding suburb, the centre offers excellent rental prospects through its diverse mix of national tenants including 7-Eleven, Repco, Pet barn, Mercy Care and Chicken Treat, which collectively offer a WALE of almost 12 years by income.
Given the strength of the tenancies across the two assets and the high levels of income security they offer, we are confident the acquisitions will make strong additions to our portfolio and help to further support distribution expectations for our investors.
Having received high levels of interest for these funds, our research and acquisitions team are now actively searching for further opportunities to expand our portfolio. If you would like to be notified of future investment opportunities at Mair property Funds, please contact our Key Relationships Manager, Brad Dunn at email@example.com