(Melbourne) – Hines, a global real estate investment, development, and property manager, today announced the acquisition of two logistics warehouses from Dexus Industria REIT, a listed Australian real estate investment trust. Hines has also simultaneously entered into a 15-year lease agreement for part of the property with PWR Performance Products Pty Ltd (“PWR”), a Gold Coast-based provider of high-tech cooling solutions, to commence in July 2025.
Located at 16-28 Quarry Road in Stapylton, Queensland, the 40,983 square meter asset comprises of two modern, highly functional logistics buildings and is currently 100 per cent leased to three major tenants. The clear span warehouses offer quick access to the M1 motorway, providing great connectivity between Brisbane, Gold Coast, and regional Queensland. This location appeals to a broad cross-section of high-caliber tenants such as PWR.
“We are thrilled about securing this site for our headquarters and working with Hines to build a facility that will accelerate our growth into the aerospace and renewable energy sectors right here on the Gold Coast,” said Kees Weel, Managing Director of PWR. “The building will give us room to streamline the factory layout and expand our capabilities to meet customer demands.”
PWR plans to invest AU$21.9 million in facility upgrades and new equipment over three years to increase its production capacity by 114 per cent and add up to 488 new jobs over the next 10 years. PWR has also been successful in receiving a government grant from the ‘Invested in Queensland’ program to support its expansion.
“The strategic location, the strong tenant base, and the potential for growth make these warehouses an attractive investment,” said David Warneford, country head of Australia and New Zealand at Hines. “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.”
Since 2020, Hines has secured 14 industrial assets in Asia Pacific totaling around 550,000 square metres (six million square feet) across five markets in Australia, China, Japan, South Korea, and Singapore. The deal marks Hines’ eighth industrial and logistics acquisition in Australia and aims to illustrate the firm’s commitment to creating value for both tenants and investors.
In line with Hines’ commitment to sustainability and meeting the ESG needs of today’s tenants, Hines plans to add solar power generation and upgrade various building systems to elevate the asset’s ESG standards.
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly $94.6B¹ in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling over 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2023.