World View
Geographical breakdown of the abrdn Global Real Estate Fund's assets across the globe.
Australia
Germany
Ireland
United Kingdom
Netherlands
Poland
Singapore
Spain
Japan
Melbourne
1651-1657 Centre Road, Springvale
- Purchased this well located Melbourne logistics unit in August 2018 at a net initial yield of 6.0%.
- Melbourne logistics were towards the top of the Asia Pacific House View at the time of purchase due to our rental growth forecasts and continued demand for the logistics sector in general.
- Asset is situated in a good location which will improve further due a number of imminent infrastructure projects.
- Constructed in the 1990s however the spec remains suitable for a number of uses (distribution, e-commerce, final mile delivery).
Melbourne
432 St Kilda Rd
- Purchased this newly refurbished modern office building on St Kilda Road, south of Melbourne, in January 2015 at a net initial yield of 7.9%.
- Melbourne offices were towards the top of the Asia Pacific House View at the time of purchase due to our rental growth forecasts for the sector and continued demand from domestic and overseas investors.
- The majority of leases were subject to fixed annual uplifts of between 3.5-4.5% at the time of purchase which is normal practice in Australia.
- Asset bought with 100% occupancy, strong rental growth forecasts as vacancy rate continues to fall in St Kilda Road market given its excellent transport links to the central business district.
Sydney
3-5 John Morphett Place, Erskine Park
- Purchased this 9,000 sqm industrial asset within Erskine Park, one of Sydney's established industrial locations, in November 2018 for c£10m.
- The passing rent was significantly below the market level on acquisition ensuring the asset has strong revisionary potential.
- The tenant’s lease expiry is in 2021, but having invested heavily in the unit there is a high likelihood that they will exercise their prolongation option and remain in situ for a further 5 years.
Sydney
11 Amour Street, Milperra
- Purchased this logistics asset in Sydney, Australia in December 2019 for A$31.9m reflecting at a net initial yield of 4.7%
- Located 24kms to the south-west of Sydney city centre in an area of high population density and in close proximity to Sydney’s major orbital road network
- Constructed in the 1980s however the spec remains suitable for a number of uses and can be easily subdivided
- At the time of purchase, the Australian industrial/logistics sector was expected by the ASI Real Estate Research team to continue to outperform