Realside Ovest launches new $200m fund

Realside Ovest has launched a third industrial fund with the $14.85 million purchase of land north of Adelaide. 

The Perth-based property fund has acquired a 4.37-hectare development site at 34 to 50 Essington Drive in Edinburgh from P & M Asset Holdings. 

Australian Securities and Investments Commission records show that Victorian investors Amrit and Harmanpreet Singh jointly own P & M Asset Holdings. 

The property marks Realside Ovest’s inaugural asset in its third fund, following the closure of its first and second industrial funds, which both contain more than $200 million each. 

It is also the first property Realside Ovest has purchased this year and its third South Australian asset. 

Realside Ovest chief executive Julie Drago confirmed that the company was planning to progress a development on the site. 

“We are going to deliver a multi-tenanted facility in two stages, with some 1,500 to 2,000 square metre buildings and a larger shed,” she said. 

“We will lodge a development application soon.” 

Ms Drago added that she was drawn to South Australia and would look to increase Realside Ovest’s portfolio there. 

Henry Treloar of Leedwell Property brokered the off-market deal.