Truganina is 19 kilometres from the Melbourne CBD and offers easy access to metropolitan Melbourne via the Western Ring Road/Westgate Freeway and the Deer Park Bypass, currently under construction.
Chief executive Paul Toussaint said the property on Boundary Road would help replenish the fund’s pipeline of development projects.
The fund has invested in the project with ING Real Estate Investment Management Australia and plans to subdivide the land and develop turn-key and pre-lease lots.
Toussaint said the Truganina project was expected to generate income for the fund from 2009.
The project is immediately to the north of the Wyndham Industrial Estate, a project currently being developed by ING Industrial Fund and ING Real Estate, in conjunction with Vaughan Industrial Projects Pty Ltd.
“It is an excellent addition to our pipeline of development projects and increases our exposure to Melbourne’s fast-growing west,” he added.
Toussaint said development activities were a strong contributor to the recent $200 million revaluation of IIF’s property portfolio.
“The revaluation announced earlier this month included a 6.3% increase in the book value of the Fund’s portfolio and an 8% boost in its net asset backing, before allowing for deferred tax,” he concluded.
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