PGIM Real Estate and Cadence Property Group jointly acquired St Mary’s Intermodal Terminal, a last-mile logistics and infrastructure asset in Western Sydney, for A$145 million ($120.6 million).
Located at 2 Forrester Road, the property spans a land area of about 1.7 million sq ft with a Gross Lettable Area (GLA) of about 1.03 million sq ft. The site also encompasses a 1.5 km rail spur and a planned hardstand expansion spanning 215,278 sq ft.
In conjunction with the acquisition, the partners have secured a fresh 20-year lease with existing tenant ACFS Port Logistics, one of the largest container logistics operators in Australia.
The St Mary’s Intermodal Terminal provides direct freight rail access to Port Botany, offering tenants an alternative to road freight routes, with the potential capacity of up to 3,000 truck movements per day. Located approximately 47 km west of Sydney’s CBD, the terminal sits within the core western industrial precinct, a key logistics corridor.
“This was a unique infrastructure-aligned asset that presented an opportunity to work with the sitting tenant to expand the asset and create value for all parties,” said Charlie Buxton, CEO of Cadence Property Group. “We’re also delighted to welcome PGIM Real Estate as a new partner and look forward to building on this relationship.”
The property is Cadence’s fourth low site coverage investment in the last two years, reinforcing the group’s focus on land-rich, infrastructure-aligned industrial assets.
