Lendlease, Morgan Stanley buy $310m portfolio

Lendlease and Morgan Stanley Real Estate Investing have acquired five warehouses and three blocks of industrial land in Australia for A$430 million ($310 million), reported other media outlets.

EMKC, the seller, will undertake development management and its Asia Pacific business will handle the property and facilities management services for the sites.

The five operational assets are leased on 15-year terms and total approximately 100,000 square meters (1.1 million square feet). Located in prime industrial locations with excellent transport connectivity, they comprise assets located in Altona North, Victoria; Glendenning, New South Wales (two assets); Salisbury South, South Australia; and Richlands, Queensland.

The three developments sites are also located in core industrial precincts Altona North, Victoria; Truganina, Victoria; and Lytton, Queensland.

Scott Mosely, managing director, Lendlease Investment Management, said, “The industrial sector has bee