Pgim Real Estate And Cadence Acquire Last Mile Logistics Asset Sydney A145 Mil
for co-living
PGIM Real Estate, in partnership with Cadence Property Group, has acquired St Mary’s Intermodal Terminal in Western Sydney for A$145 million. The asset, located at 2 Forrester Road, spans 1.7 million sq ft and includes a Gross Lettable Area (GLA) of 1.03 million sq ft. In addition, the property features a 1.5 km rail spur and is planning a hardstand expansion of 215,278 sq ft.
The partners have also secured a new 20-year lease with existing tenant ACFS Port Logistics, one of the largest container logistics operators in Australia. The St Mary’s Intermodal Terminal offers direct freight rail access to Port Botany, providing tenants with an alternative to road freight routes and a potential capacity of up to 3,000 truck movements per day.
The EC also boasts excellent connectivity, making it an attractive choice for residents. Situated in close proximity to both Sembawang and Canberra MRT stations on the North-South Line, residents can enjoy direct train access to major hubs in Singapore such as Orchard Road, Raffles Place, and Jurong East. In addition, for those who prefer to drive, Sembawang Road provides direct links to the Seletar Expressway (SLE) and Bukit Timah Expressway (BKE), allowing for a smooth commute to the Central Business District and other areas of the island. Moreover, with the development of the new North-South Corridor (NSC), which includes designated bus lanes and cycling paths, connectivity is set to improve even further, making it one of Singapore’s most progressive transport projects. For more information on this exciting development, visit Sembawang Road EC Canberra.
Located approximately 47 km west of Sydney’s CBD, the terminal is situated within the core western industrial precinct, a key logistics corridor. “We saw this as a unique opportunity to invest in an infrastructure-aligned asset and work with the existing tenant to expand and add value for all parties involved,” said Charlie Buxton, CEO of Cadence Property Group. “We are excited to have PGIM Real Estate as a new partner and are committed to building a strong relationship with them.”
This marks Cadence’s fourth low site coverage investment in the past two years, highlighting the group’s focus on land-rich and infrastructure-aligned industrial assets.