Industry super fund, Cbus Super, has recouped almost 30 per cent of its investment in a Victorian business park, through the sale of three industrial facilities.
Cbus' property investment vehicle, Cbus Property, sold the three warehouses on the site of the former Holden manufacturing site in Dandenong South, to Perth-based investment company, Warrington Property, for $39.3 million in an off-market deal, Fairfax media has reported.
The units, which sit on an eight-hectare block fronting the Princes Highway, provide a 7.7 per cent yield, and have a weighted average lease expiry of 4.2 years.
The site forms part of the 46 hectare Estate One business park that Cbus Property purchased in 2007 for $136.5 million.
Fairfax reported that Cbus Property sold a retail complex within the business park in November for $54.3 million.
Estate One business park has not been the only property Cbus has cashed in on, with the super fund's property business more than doubling its 2013 investment in a Sydney office block earlier this month, after selling the Hyde Park tower building for $120 million to Chinese investors, having bought it for $55 million.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.