The GPT Group has purchased five logistics properties in Sydney for AUD212 million.

The assets feature a total lettable area of 88,200 square metres, a combined weighted average lease expiry (WALE) of 8.6 years, and initial passing yield of 5.4%.

The REIT has also commenced a 26,000-square metre logistics development at Truganina in Melbourne’s west.

In addition to these, GPT has also secured an agreement for a ten year lease over a new 20,500-square metre logistics development at Berrinba, Brisbane.

“These acquisitions and developments are consistent with GPT’s strategy to grow our position in the logistics sector”, said GPT’s Chief Executive Officer, Bob Johnston.

“The assets are all well located with good access to transport links and will benefit from ongoing demand and constrained supply”, he added.

Settlements for the five properties in Sydney are expected to be completed by early-July 2019, said the REIT.