Ray White Commercial WA facilitates $1.3 billion Jandakot Airport deal

By Aaron Hivon

Ray White Commercial WA have helped facilitate a record breaking sale after Perth’s Jandakot Airport sold to Dexus for $1.3 billion.

Ray White Commercial WA agent Brett Wilkins introduced the vendors to Dexus as part of the off-market deal.

“I knew the vendors, Ascot Capital, and I knew Dexus was seeking to acquire an industrial portfolio in Western Australia, so I made the introduction,” Mr Wilkins said.

“It’s one of the largest property deals ever in Western Australia.”

Dexus has acquired a 66.7 per cent interest in the entities that own a 76-year ground lease at Jandakot Airport, WA, with APN Industria REIT (ADI) acquiring the remaining 33.3 per cent interest, for a combined acquisition price of $1.3 billion.

The acquisition includes:

  • $875 million for a diversified stabilised portfolio of 49 modern prime industrial properties leased to more than 54 tenants across circa 360,000sqm, reflecting a 5.2 per cent initial yield and 4.7 per cent cap rate

  •  $225 million for circa 80 hectares of immediately developable land, of which 12 hectares is currently under Heads of Agreement and the remaining 68 hectares is approved under a current master plan;

  •  $200 million for an operating airport deriving income from long term ground leases, landing fees and infrastructure services.

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