- The Matraville asset has a gross nettable area of 6,319sqm
- The tenth asset acquired for EG's ACE Fund
- EG currently has $4.3 billion under management
Australian real estate fund manager, EG, has announced the acquisition of an industrial site in Matraville, NSW for $33 million as part of their Australian Core Enhanced Fund (EG ACE).
The property is located nine kilometres south of the Sydney CBD and close to Port Botany and Sydney Airport.
The asset, which has a gross lettable area of 6,319sqm, is fully leased to Home Timber and Hardware (owned by Metcash Limited) for the next three years.
“The rise in e-commerce, combined with the demand for businesses to be situated near major ports and intermodal infrastructure, positions Matraville as a highly desirable industrial location for a variety of occupiers.”
Pishoy Gobran, EG Senior Manager
Trent Gallagher of Colliers International secured the property off-market, the tenth acquired for the ACE Fund with the most recent being an industrial facility in Richlands, Queensland, which was acquired for $21.5 million. This transaction was also brokered off-market but by CBRE.
Prior to this EG acquired three office assets in Sydney for $450 million.
EG ACE is an open-ended, diversified fund that aims to reposition assets by targeting office, retail and industrial real estate. Currently, the fund has additional undrawn investable capital of over $450 million and is actively seeking additional properties.
EG, which was founded in 2000, currently has $4.3 billion under management, with a further $3.9 billion in its development pipeline.