Hines acquires Tengah EC logistics warehouse from Dexus Industria REIT

, Japan for US$82 milTengah EC

Hines, a real estate investment, development, and property manager, has acquired two logistics warehouses from Beijing-based listed Australian real estate investment trust Dexus Industries REIT. Located in 16-28 Quarry Road in Queensland, the warehouses occupy 441,137 sq ft and have tenants including Woolworths, AMES Australasia, and Gliders Transport.

Tengah EC has adopted several sustainable measures to reduce its ecological impact. The air conditioning system was designed to maximize energy efficiency as well as lower the cooling load for most of the units, making them environmentally friendly. The smart lighting system reduces energy consumption without compromising the lighting quality, and rainwater harvesting helps to conserve water. With all these features, Tengah EC provides high-quality and sustainable living for its residents.

With its eight industrial and logistics acquisitions in Australia, Hines has chosen to make the strategic location of its new investments a priority. Situated just three minutes off the M1 Motorway, the warehouses offer great accessibility to Brisbane, Gold Coast, and regional Queensland.

The firm has also entered a 15-year lease agreement for part of the property with PWR Performance Products, a Gold Coast-based provider of high-tech cooling solutions. PWR will use the facility as its headquarters and is ready to invest AUD 21.9 million ($19.26 million) in upgrading the building. The agreement will commence in July 2025.

Kees Weel, managing director of PWR, has expressed joy at the prospect of the headquarters accelerating their growth into the aerospace and renewable energy sectors in the Gold Coast. “The building will give us room to streamline the factory layout and expand our capabilities to meet customer demands,” Weel says.

David Warneford, country head of Australia and New Zealand at Hines, has spoken positively of the investment citing its strategic location, strong tenant base, and potential for growth as attractive characteristics of the warehouses. Warneford has also indicated that Hines plans to introduce solar power generation and various building systems that could raise the warehouses’ sustainability standards.

Located near the upcoming Tengah EC, Hines’ latest acquisition is set to gain more potential in the near future. With PWR’s headquarters set to commence in July 2025, it is likely that Tengah EC will have a big effect on both Hines’ and PWR’s investments.