MPF secures 2 commercial properties in $20m deal
Momentum Wealth’s sister company Mair Property Funds has entered into agreements to acquire two commercial properties in Melbourne for $20.3 million in two off-market deals.
The properties are located in Ravenhall and Altona North in Melbourne’s west, and will form part of MPF’s Diversified Property Trust, which already holds commercial assets in Western Australia, Queensland and Victoria.
The Ravenhall property is a modern industrial facility constructed in 2010 and is located 22 kilometres west of Melbourne CBD. The building is 100% occupied with a 15-year lease until 2031, and there is the potential for future expansion on a vacant part of land.
The property in Altona North is an industrial warehouse built in 2008 and located 13 kilometres south west of Melbourne CBD. The building is also 100% occupied with a recently agreed 8-year lease that expires in 2025.
Upon completion of the acquisition, the properties will be included in MPF’s Diversified Property Trust, which already holds four commercial assets in three states.
These include a retail premise in Maroochydore (Queensland), a medical facility in Ellenbrook (Western Australia), an industrial premise in Henderson (Western Australia) and a retail industrial premise in Lynbrook (Victoria).
The trust was established to offer investors a sustainable income with the potential of future growth, and has targeted commercial properties in high profile locations with strong lease covenants.
Previous capital raisings for the acquisition of the existing properties in the trust were strongly supported by investors and closed oversubscribed.
The acquisition of the Ravenhall and Altona North assets takes the value of properties under management by MPF to $208 million as the company continues to grow its funds to meet investor appetite.
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