Mirvac is also taking advantage of the attractive rates with the raising of $536 million in long-term US private placement notes, which are 195 to 222 basis points over the 10-year US treasury bond and are expected to settle in September.

With the end of the financial year days away, other sales are tipped to be finalised across retail, office and industrial property asset classes.

AMP Capital has boosted its industrial property exposure with the $250 million purchase of the JP Morgan portfolio, which has been on the market since last September. JP Morgan bought the assets just over two years ago when it swooped on the regional real estate platform of Aviva Investors.

The portfolio, which will be owned by AMP Capital Diversified Property Fund (ADPF), comprises six assets, equal to a combined 150,000 square metres of prominently located and tenanted industrial properties in and around Sydney.

The six properties are a warehouse and distribution centre at Huntingwood leased to DHL; a warehouse facility at Minchinbury leased to Star Track Express; a warehouse and manufacturing facility at Villawood leased to Pact Group; "the best logistics facility" in Fairfield, leased to Fantastic Furniture and DB Schenker; an office warehouse facility at Kingsgrove, leased to Shriro Australia; and a warehouse and manufacturing facility at Blacktown, leased to Snack Brands.

The appointed agents were Colliers International's Gavin Bishop and Tony Iuliano, in conjunction with CBRE's Chris O'Brien and Matt Haddon.

The properties are located in a mix of core and infill locations with future urbanisation potential and proximity to existing and proposed infrastructure. All assets are located within land-constrained markets, supporting future rental and capital growth prospects.

Benefiting from a strong tenancy profile, further enhancing ADPF's industrial tenant mix, the portfolio provides investors with a strong income stream and extends the overall weighted unexpired lease term of the fund, supporting continued attractive distributions.

ADPF fund manager Kylie O'Connor​ said the acquisition was consistent with the fund's strategy to increase weighting to the industrial sector and exposure to Sydney.

"Our research shows that the Sydney industrial market will continue to perform due to the strengthening state economy, with both the market and assets poised to benefit from ongoing significant infrastructure investment," Ms O'Connor said.

The fund's increased investment in industrial property comes as AMP Capital continues to build its industrial capabilities with the recent appointment of Andrew Quade as head of Industrial, Asset Management.

Investec deal

In another deal, Investec Australia Property Fund (IAPF) has paid $23.3 million for a property in Macquarie Park, in Sydney's north west, boosting its total portfolio to more than $517 million.

The property, at 113 Wicks Road, comprises a 3114 square metre office with 3164 sqm of warehouse space and 148 parking bays, on a site of 6812 sqm. 

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The fund's chief executive Graeme Katz​ said that due to "progressive rezonings to residential and pure office redevelopments", most of Macquarie Park's warehouse stock had been permanently withdrawn resulting in quality warehouse space becoming scarce.

He said this had made the property attractive for tenants who required a mix of office accommodation and warehouse space and who wished to remain within 15 kilometres of the Sydney CBD.

"The acquisition aligns well to the fund's strategy of investing in well-located, high quality assets," Mr Katz said.

"The property is located in a prime position in one of Sydney's most established office precincts and its unique mix of office and warehouse accommodation has attracted quality tenants.

"The average office rents at the property are $275 per sqm per annum, which compares favourably to rents in other Sydney metropolitan markets, including North Sydney at $600 per sqm, Parramatta at $445 per sqm, Chatswood at $480 per sqm and Rhodes at $380 per sqm."

The property is 100 per cent occupied and tenants include Telstra Corporation, the NSW government and Mine Site Technologies.