Propertylink bags Sydney industrial property

  The acquisition of the asset represented an initial yield of 7.39% for the Sydney-listed property investment manager.  

Propertylink Group, the Sydney-listed real estate investment manager, has bagged an industrial complex in the western Sydney suburb of Yennora in a A$46.6 million ($35 million; €33 million) play.

The firm acquired 205-231 Fairfield Road, which showed an initial yield of 7.39 percent, from private Sydney-based developer Lamiprint.

The Yennora property spans a total lettable area of 334,606 square feet set on a 5.5 hectare site, along with a corporate office on two levels.

The property features a quality income stream with a weighted average lease expiry of 6.6 years, including a new seven-year lease with online fashion retailer The Iconic.

Propertylink used capital from its unlisted Propertylink Australian Industrial Partnership (PAIP) II to fund the acquisition.

PAIP II, now comprised of 11 industrial properties valued at A$220 million, has a forecast portfolio WALE of 5.1 years after the Yennora deal was done, according to Propertylink chief executive Stuart Dawes.

Propertlink currently has more than A$1.8 billion of assets and projects under management in Sydney, Melbourne, Brisbane and Perth.