Growthpoint Properties Australia (ASX:GOZ) is expanding its footprint in Victoria with the acquisition of three industrial properties in Melbourne.
The property investor has inked a $60.2 million deal for the properties which are set to be developed in prime industrial markets.
Growthpoint Properties says its property portfolio will comprise of 47 properties valued at $1.7 billion following the completion of the latest acquisitions and their development.
Industrial developer Australand Property Group
(ASX:ALZ) is the vendor and developer and has previously completed transactions with Growthpoint Properties.
Shares in Growthpoint Properties fell 0.42 per cent, ending at $2.39 before the announcement was made yesterday.
Growthpoint Properties Australia reported a net profit almost $34 million in the first half of the 2013 financial year.
