Centuria Industrial REIT (ASX: CIP), has acquired eight hectares of land at 95-105 South Gippsland Hwy, Dandenong South VIC for $26.3m and entered into a DMA to construct a six-asset industrial estate, requiring a $62.5m investment, which will deliver an asset with an estimated end value of $88.8m.
The acquisition and development opportunity provides increased exposure within the tightly held, sought after southeast Melbourne industrial market of Dandenong South.
CIP is capitalising on this rare opportunity to secure brand-new industrial assets in a market where vacancy levels are approximately one per cent. The new properties will complement CIP’s existing seven assets in southeast Melbourne.
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