SINGAPORE (EDGEPROP) - Real estate investment, development, and property manager Hines has acquired two logistics warehouses from listed Australian real estate investment trust Dexus Industria REIT, the firm announced in a press release on Dec 7.

This deal marks the listed firm’s eighth industrial and logistics acquisitions in Australia.

Located at 16-28 Quarry Road in Queensland, the acquired warehouses occupy 441,137 sq ft and consist of two logistics buildings. The property is currently fully leased to three major tenants: Woolworths, AMES Australasia and Gliders Transport.

The asset is located three minutes off the M1 motorway, offering good accessibility to Brisbane, Gold Coast, and regional Queensland.

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Hines has also entered into a 15-year lease agreement for part of the property with PWR Performance Products, a Gold Coast-based provider of high-tech cooling solutions. PWR plans to use the facility as their headquarters and to invest AUD 21.9 million ($19.26 million) in facility upgrades. The agreement will commence in July 2025.

Kees Weel, managing director of PWR, says that securing the site for their headquarters will accelerate the firm’s growth into the aerospace and renewable energy sectors in the Gold Coast. “The building will give us room to streamline the factory layout and expand our capabilities to meet customer demands,” Weel notes.

Hines’ country head of Australia and New Zealand, David Warneford, says: “The strategic location, the strong tenant base, and the potential for growth make these warehouses an attractive investment. We are pleased to partner with PWR to deliver their new Queensland base, as we continue to bring strategic benefits to our portfolio, partners, and tenants in Australia.”

Hines plans to add solar power generation and various building systems to increase the warehouses’ sustainability standards.