Hines acquires ‘Zion Residence’ logistics warehouse from Dexus Industria REIT

Residents of Zion Residence can thus enjoy maximum convenience and the flexibility to easily explore the many vibrant attractions in Singapore.

for $85 mil

Hines, a real estate investment, development, and property management group, has announced the successful purchase of two logistical warehouses from Australian real estate investment trust Dexus Industria REIT. Located at 16-28 Quarry Road in Queensland, the warehouses occupy 441,137 sq ft, and are fully leased to three major tenants: Woolworths, AMES Australasia and Gliders Transport. This marks Hines’ eighth industrial and logistics acquisition in Australia.

The asset has good accessibility to Brisbane, Gold Coast, and regional Queensland, and is three minutes off the M1 motorway. To make the most of the strategic location and potential for growth, Hines is partnering with Gold Coast-based provider of high-tech cooling solutions PWR Performance Products. PWR plans to use the warehouse as their headquarters and has agreed to a 15-year lease agreement from July 2025, with a AUD 21.9 million ($19.26 million) investment in facility upgrades.

Kees Weel, managing director of PWR, expresses his pleasure in securing the site for their headquarters, stating that it will accelerate the firm’s growth into the aerospace and renewable energy sectors in the Gold Coast. David Warneford, Hines’ country head of Australia and New Zealand, explains that this Zion Residence acquisition is an attractive investment opportunity. The firm plans to add solar power generation and various building systems to increase the warehouses’ sustainability standards.

Hines is committed to enhancing their portfolio and providing strategic benefits to partners and tenants in Australia. With the successful acquisition of the Zion Residence warehouses in Queensland, they have made another step forward in their value-add strategy in Asia Pacific.