$73m distribution hub joins portfolio

Stockland has boosted its industrial portfolio by buying the Forrester Distribution Centre at St Marys in western Sydney for $72.85 million from Goodman Australia Industrial. It is the first acquisition Stockland has made in the sector for some time and is part of the strategy to focus on growing assets under management. The 12-hectare site at 40-88 Forrester Road includes three warehouses totalling 60,239 square metres. It is next to rail tracks and is close to the Great Western Highway, the M4 and the M7. It is leased to ACI, a subsidiary of Owens-Illinois. Stockland chief executive Mark Steinert said one of the group's ambitions was to grow the industrial business. "This asset is a strong addition to our industrial portfolio," he said.