Ingleburn home of Viridian Glass sold for $66m
Investment firm Fife Capital has swooped on the Viridian Glass logistics facility in the Sydney suburb of Ingleburn, snapping it up from building manufacturer CSR for $66.3 million.
The facility, on a 11.33ha site at 8 Williamson Rd, spans more than 34,000sqm and is leased to Viridian Glass until 2028.
Fife Capital, which declined to comment, runs the Terra Australis series of real estate private capital funds as well as pooled investments, joint ventures and syndicates.
Commercial Insights: Subscribe to receive the latest news and updates
CSR last November announced a deal to sell its Viridian Glass business to Crescent Capital Partners for about $155 million.
That transaction included the Viridian property site at Dandenong, Victoria, but at the time CSR kept the property at Ingleburn and entered a long-term lease with Viridian over it.
The property is close to the Moorebank Intermodal Terminal and benefits from its access to the Hume Motorway and South Western Freeway.
It includes about 22,000sqm of surplus land fronting Williamson Rd.
CBRE’s Jason Edge and Chris O’Brien negotiated the sale.
Edge says the property was an “outstanding opportunity to acquire an iconic asset in the tightly held Sydney industrial and logistics market”.
O’Brien says the location was fundamental to the deal.
He says institutions want assets with a strong connection to the city’s improving infrastructure.
This article originally appeared on www.theaustralian.com.au/property.