Industry super fund, Cbus Super, has recouped almost 30 per cent of its investment in a Victorian business park, through the sale of three industrial facilities.
Cbus' property investment vehicle, Cbus Property, sold the three warehouses on the site of the former Holden manufacturing site in Dandenong South, to Perth-based investment company, Warrington Property, for $39.3 million in an off-market deal, Fairfax media has reported.
The units, which sit on an eight-hectare block fronting the Princes Highway, provide a 7.7 per cent yield, and have a weighted average lease expiry of 4.2 years.
The site forms part of the 46 hectare Estate One business park that Cbus Property purchased in 2007 for $136.5 million.
Fairfax reported that Cbus Property sold a retail complex within the business park in November for $54.3 million.
Estate One business park has not been the only property Cbus has cashed in on, with the super fund's property business more than doubling its 2013 investment in a Sydney office block earlier this month, after selling the Hyde Park tower building for $120 million to Chinese investors, having bought it for $55 million.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
Add new comment