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HSF picks up property assets
Herbert Smith Freehills has advised Growthpoint Properties Australia on its acquisition of three property assets.
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Firms: Herbert Smith Freehills (Growthpoint Properties Australia)
Deal: Acquisition of three adjoining property assets – a pharmaceutical warehouse, office and warehouse, and truck facility – in Erskine Park, NSW
Area: Property
Key players: The HSF team was led by David Sinn, with support from senior associate Carla Deluca and solicitor Dakshinee Kodituwakku.
Deal significance: The pharmaceutical warehouse will comprise of a new 29,055sqm warehouse designed to store pharmaceutical products. Growthpoint has acquired the 71,410sqm site and will pay a development fee of $26.65 million to Linfox Property Development upon the completion of the warehouse, which is expected in Aug 2013. Growthpoint receives an 8.5 per cent coupon on the purchase price of the land ($19.60 million) until practical completion. This property will be leased to Linfox for 10 years from practical completion.
The truck facility comprises of offices, a truck workshop, wash bay and an extensive hardstand truck parking and refuelling area. This property was purchased for $22.5 million and will be leased to Linfox for 15 years.
The office and warehouse is currently Linfox’s NSW headquarters. It comprises of a two-level corporate office and a large modern warehouse totalling 24,881sqm on a site of 82,280sqm. The property was purchased for $35.95 million and is leased to Linfox for seven years.
