The Perth fund manager has bought a South Guildford industrial asset and Queensland medical facility for close to $23 million combined.
Westbridge Funds Management has added two property assets to its portfolio, with the acquisition of a South Guildford industrial site and a Queensland medical centre for close to $23 million.
The Perth property fund manager bought a 4,807 sqm square metre industrial building at 64 Great Eastern Highway in South Guildford from Acure Funds Management for $16 million.
An arm of Acure Asset Management, the Perth-headquartered fund manager owns $420 million of property across retail, office and industrial nationally.
The building, on 24,758 sqm of land, is leased to Swick Mining Services, a wholly owned subsidiary of ASX-listed DDH1 Drilling that specialises in underground diamond coring and surface drilling.
The company’s lease expires in December 2028, reflecting a weighted average lease expiry of 6.15 years.
According to Westbridge, the Underlying land value represents approximately 75 per cent of the overall transaction value.
Acure Funds Management bought the asset for $8.6 million in November 2013 from Dejo Nominees Pty Ltd.
Additionally, Westbridge purchased Bertha Street Medical Centre in Caboolture in Queensland for between $6 and $7 million from an undisclosed seller.
The facility, at 21-25 Bertha Street, is leased national health care provider ForHealth, which has more than 70 facilities across Australia, with a 6.6 year WALE.
