WA’s Westbridge Funds Management has finalised its purchase of a Victorian industrial asset for $15.36 million and is in the process of acquiring a Canning Vale logistics facility.
WA’s Westbridge Funds Management has finalised its purchase of a Victorian industrial asset for $15.36 million and is in the process of acquiring a Canning Vale logistics facility.
The fund manager reached settlement on its diversified fund no. 4 seed asset, two adjoining industrial distribution facilities in Broadmeadows, Victoria.
The 1.43 hectare site was purchased on a seven year sale and leaseback to irrigation and plumbing supplier Holman industries.
Westbridge is also in the process of acquiring a second industrial facility in Canning Vale, at 41 to 43 Baile Road.
The 23,177 square meter site is fully leased to Wesfarmers subsidiary Blackwoods.
Westbridge is targeting a $100 to $150 million portfolio through its latest portfolio, through the purchase of up to 12 assets.
Westbridge head of commercial funds Alex Lambert said the recent purchase and acquisition ere in line with the fund's goals.
“We envisage the portfolio being diversified across commercial sectors including industrial, medical, large format retail and more," he said.
"A core goal is to acquire properties with strong lease covenants, targeting quality national, international, and publicly listed tenants.”
The fund has a distribution target of 6.5 per cent for 2021-22 and 7 per cent the folllowing financial year.
Westbridge Funds Management manages over $500 million of property through their funds and offers syndicated commercial and residential property investment opportunities that are focused on generating long-term outperformance.
Launched in September this year, Westbridge brings together the residential and commercial property management divisions of Damian Collins' Momentum Wealth Group, which Real Estate Insitute of WA president Damian Collins chairs.
