Real estate investment manager Heitman sold a 50% stake in an Australian industrial real estate portfolio on behalf of South Korea's National Pension Service for A$560 million ($383 million) to superannuation fund UniSuper, Melbourne.
The portfolio comprises industrial real estate assets across two of Australia's largest logistic hubs, according to a statement on Monday. Portfolio construction began in 2012, and the sale was made to UniSuper, a spokesman confirmed.
The assets are 100% occupied with a diversified tenant base and a staggered lease expiration schedule, the statement said. In addition, positive rental growth has helped strong operational performance, which makes them appealing to investors.
"We are extremely pleased by our successful transaction of this prime logistics portfolio in Australia and grateful for the strong asset performances managed by our longstanding partners," Steve Seunghyun Lee, portfolio manager of NPS Real Estate in the Singapore office said in the statement.
"NPS will continue to stay committed to the Australian real estate market as we see interesting investment opportunities derived from market volatilities," he said.
In July, UniSuper said in a statement that it acquired a prime 50% interest in an industrial property portfolio comprising assets in Sydney and Melbourne for over A$500 million.
Real estate investment management firm Richmond Bridge negotiated the deal on UniSuper's behalf under an industrial property investment mandate. UniSuper has A$120 billion in assets.
"We are delighted to acquire this high-quality portfolio of stabilized income-producing assets to complement our existing industrial development pipeline in the strongly performing logistics sector. The investment adds to our A$7.3 billion unlisted property portfolio," Nick Stephens, senior manager in the property division said in the statement.
"The transaction highlights UniSuper's ability to transact swiftly without the need for debt funding or regulatory approvals. As genuine long-term investors, we continue to look for unique opportunities that help our members grow their retirement savings," he said.