Dexus Industria REIT (ASX:ADI) agreed to acquire 50% stake in 12 Church Street, Moorebank, NSW for approximately AUD 22 million on October 13, 2021. The property will be acquired in joint venture with Dexus (Industria 50%; Dexus 50%), and Industria's share of the acquisition costs, including stamp duty, will be approximately AUD 22 million. The acquisition incorporates a development opportunity, which is anticipated to complete in mid-2024, and will deliver approximately 34,000 square meters of multi-level warehousing across 15 to 20 units.

Industria's share of the development costs is approximately AUD 40 million. The transaction will be funded by existing debt capacity. Settlement of the transaction is anticipated to occur on or around October 25, 2021.