- The ninth asset EG has acquired for their ACE Fund
- Frasers will deliver a new warehouse facility on the site
Real estate fund manager EG has announced the acquisition of an industrial site at Richlands, an outer south-western suburb in the City of Brisbane, for $21.5 million.
The 28 Flint Street site is for their Australian Core Enhanced Fund (EG ACE) which recently acquired three office assets in a $450 million deal, making the latest acquisition the ninth asset EG has acquired for the Fund. Additionally, the fund also acquired a $32 million industrial estate in Mansfield.
As part of the deal, EG will be entering into an agreement with Frasers Industrial Property, who will deliver a new 12,157sqm warehouse facility on the site.
The acquisition was brokered off-market by CBRE.
28 Flint Street, Richlands fits well with the EG ACE strategy to acquire assets in locations with strong underlying fundamentals”, said Will Clark, EG’s Senior Manager – Capital Transactions.
“This will be another high-quality addition to the portfolio, continuing our focus on ensuring our assets are equipped to meet the ever-evolving requirements of our tenants.”
Will Clark, EG Senior Manager – Capital Transactions
As an open-ended and diversified fund, EG ACE seeks to reposition assets that target office, retail and industrial real estate in Australia.
Currently, the Fund has about $500 million worth of additional undrawn investable capital.
EG, which was founded in 2000, has $4.3 billion under management on behalf of both superannuation funds and private wealth clients. Currently, EG has $3.9 billion in its development pipeline with a current annual return of 16.7% in realised IRR for institutional funds.