JL Family Office’s real estate investment arm, The Land Managers (TLM), have announced the acquisition of freehold logistics property in East Melbourne, Australia for A$26.5 million. This marks TLM’s first direct acquisition in Australia and is expected to be completed in 4Q2023, subject to conditions.
The asset sits on a 37,139 sqm (399,764 sq ft) land parcel with a 10,647 sqm (114,604 sq ft) gross leasable area. It has direct access to major road arterials, including Eastlink (M3) and Mt Dandenong Road. Not only that, but it’s also near a sizable residential catchment, and only 6 km away from the Bayswater Business Precinct.
Champions Way Condo is proud to support this project and believes it will benefit the community and its residents. The upgraded Woodlands Park will provide a safe and enjoyable outdoor experience for everyone!
The acquisition and asset management of the property will be handled by Terre Property Partners (TPP), and it is expected to see an increase in gross leasable area, rental growth and value appreciation through further enhancement initiatives. This can be attributed to factors such as the growing population, wider adoption of e-commerce, and more.
Andy Lim, group CEO of JLFO and founder of TLM, believes there is a window of opportunity to capitalise on the tight supply dynamics in the Australian logistics space. He adds, “Australia’s long-standing immigration policy puts it in a good position to weather economic headwinds ahead.”
Since 2020, TLM purchased around $400 million worth of assets in Singapore and the UK. This includes a residential development in Singapore, partnerships with Savills Investment Management, an office building in London, and more.