News

Leading global real estate investor LaSalle Investment Management, on behalf of a fund it manages, and specialist industrial developer and investment manager Gibb Group have partnered to acquire land rich infill industrial and logistics assets and leverage Gibb Group’s development heritage and active management
approach to execute on bespoke value creation strategies.

The partners recently acquired their first asset, a functional industrial estate at 91 Kurrajong Avenue in Mount Druitt, Western Sydney which was originated off-market by Gibb Group.

Together, Gibb Group and LaSalle Investment Management will collaborate on a strategic repositioning of the asset which will involve subdividing and refurbishing a large freestanding warehouse into two functional tenancies and attracting high-calibre occupiers at a time of constrained supply for quality industrial and
logistics space.

With its vertically-integrated management model, Gibb Group will oversee the extensive refurbishment, repositioning, re-leasing and active management of the Mount Druitt asset to drive rental growth and value uplift.

“This investment and working with Gibb Group, an established industrial developer and investment manager in Australia, provides us with an excellent opportunity to capitalize on strong market fundamentals and positive conditions for growth in industrial rents and values in the Sydney submarket, to drive opportunistic returns for investors in our fund. We look forward to a successful venture with Gibb Group,” says Joshua Mudge, Head of Acquisitions Australia, LaSalle Investment Management.

“We look forward to working with LaSalle Investment Management to create value through the collaborative repositioning of this industrial facility at a time when demand is strong and growing,” says Matthew Gibb, CEO of Gibb Group.

“For over 15 years, we have developed a strong capability in asset enhancement and we welcome the opportunity to demonstrate this in partnership with an institutional investor of LaSalle’s calibre, with the potential to explore synergies and additional opportunities in the future.

“Gibb Group remains on the lookout for well-located, functional older style assets which enable us to leverage an active management approach to drive value through refurbishing, repositioning, extending and re-leasing assets,” Mr Gibb says.