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SYDNEY (May 26): LaSalle Investment Management (LaSalle), on behalf of LaSalle Australia Club Investments Trust (LACIT), announced that LACIT has acquired a site on which a large format retail will be constructed with the newly created Sydney Business Park, according to a statement by LaSalle today.
The park is located at Marsden Park, 45 kilometres north-west of the city’s CBD.
“The property is an excellent investment opportunity for LACIT providing a stable income return supported by strong long-term population growth prospects,” said fund manager, Will Gray.
The land will be developed into Home Hub Marsden Park, a 19,000 square metre plus large format homemaker centre across 35 tenancies.
The precinct is situated on a major arterial transport corridor within Sydney’s North West Growth Centre.
According to LaSalle Australia head of funds management Chris Forbes, “demand for high quality prime assets continues to be very strong across all asset classes, with opportunities in Sydney and Melbourne proving elusive for many investors. In the current environment, we are extremely pleased to be acquiring a prime asset on behalf of LACIT in a sought after location.”
LaSalle currently manages approximately US$1.95 billion assets in Australia.
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