Westbridge Funds Management has added to its list of industrial assets with a Canning Vale warehouse it purchased from the late Stan Perron’s Perron Group.
The Western Australian property fund manager bought the 23,177 square metre facility at 41-43 Baile Road for $16.21 million from Perron Group.
The property comprises a recently upgraded warehouse logistics facility and is fully leased to Wesfarmers subsidiary industrial and safety supplies group Blackwoods.
The second asset under Westbridge’s diversified fund no. 4, this adds to its acquisition of two industrial distribution properties in Broadmeadows, Victoria, leased to reticulation supplier Holmans.
Westbridge Funds Management chairman Damian Collins said the recent purchase was in line with the fund’s goal of building a $100 to $150 million portfolio of 12 commercial properties.
“We are aiming to build a portfolio of assets diversified across commercial sectors including industrial, medical, large format retail and more,” he said.
“With two strong tenants in Holman and Blackwoods already secured, our goal is to continue to build strong lease covenants by targeting quality national, international, and publicly listed tenants.”
Westbridge recently bought a $37 million industrial site in Welshpool.
