Key Takeaways
- • Link Real Estate Partners (LREP), the private funds arm of Hong Kong's Link Asset Management, has agreed to acquire a four-warehouse logistics project in western Sydney for A$121.5 million ($80.4 million), marking the firm's first Australian investment since launching in February 2025.
- • The purpose-built complex at 149 Orchard Road in Chester Hill comprises 24,100 square metres of gross lettable area across four warehouses with adjoining offices, scheduled for completion in Q3 2025, and is being divested by a venture partnership including ASX-listed Dexus and a Dexus-managed private fund.
- • The transaction underscores Link Asset Management's strategic expansion beyond its flagship Link REIT (Asia's largest listed property trust) into direct real estate fund management, with former BlackRock Asia real estate executive John Saunders leading LREP as CEO and fund manager.
- • Deal closure remains subject to certain conditions; Cushman & Wakefield brokers Tony Iuliano and Adrian Rowse facilitated the transaction, which was first reported by The Australian on 24 July 2025.
- • Link Asset Management's Australian footprint now extends to direct fund deployment following its 2019 REIT acquisition of 100 Market Street in Sydney and the recent appointment of Charter Hall veteran Julian Menegazzo as head of investment for Australia.
Summary
Link Real Estate Partners, the newly established private funds arm of Hong Kong-based Link Asset Management, has agreed to acquire a logistics development project in Sydney's Chester Hill precinct for A$121.5 million ($80.4 million). The transaction marks LREP's inaugural Australian investment since the fund manager's February 2025 launch and represents a strategic pivot by Link Asset Management toward direct real estate fund deployment beyond its core Link REIT operations.
The acquisition targets a four-warehouse complex with ancillary office space located at 149 Orchard Road in Chester Hill, Western Sydney. Upon completion scheduled for Q3 2025, the purpose-built facility will comprise 24,100 square metres of gross lettable area. The asset is currently held by a development venture whose partners include ASX-listed Dexus and a Dexus-managed private fund. Dexus has characterized Chester Hill as "a rapidly emerging industrial precinct, with a convenient location ensuring ease and efficiency for storage and distribution," according to project documentation.
LREP launched in February 2025 under the leadership of John Saunders, the former head of real estate for BlackRock Asia, signalling Link Asset Management's commitment to expanding its institutional fund management capabilities. The establishment of LREP culminated a multi-year strategic initiative to broaden Link's business beyond its primary function as manager of Link REIT, which ranks as Asia's largest listed property trust. Link Asset Management first entered the Australian market in 2019 through Link REIT's A$328 million acquisition of 100 Market Street in Sydney. The firm recently reinforced its Australian growth ambitions by appointing Julian Menegazzo, a veteran of real estate fund manager Charter Hall, as head of investment for Australia.
The Chester Hill transaction was brokered by Cushman & Wakefield's Tony Iuliano and Adrian Rowse. Deal closure remains conditional on certain outstanding requirements, and all parties involved have maintained confidentiality pending final settlement. The transaction was first publicly disclosed by The Australian on 24 July 2025.
The acquisition targets a four-warehouse complex with ancillary office space located at 149 Orchard Road in Chester Hill, Western Sydney. Upon completion scheduled for Q3 2025, the purpose-built facility will comprise 24,100 square metres of gross lettable area. The asset is currently held by a development venture whose partners include ASX-listed Dexus and a Dexus-managed private fund. Dexus has characterized Chester Hill as "a rapidly emerging industrial precinct, with a convenient location ensuring ease and efficiency for storage and distribution," according to project documentation.
LREP launched in February 2025 under the leadership of John Saunders, the former head of real estate for BlackRock Asia, signalling Link Asset Management's commitment to expanding its institutional fund management capabilities. The establishment of LREP culminated a multi-year strategic initiative to broaden Link's business beyond its primary function as manager of Link REIT, which ranks as Asia's largest listed property trust. Link Asset Management first entered the Australian market in 2019 through Link REIT's A$328 million acquisition of 100 Market Street in Sydney. The firm recently reinforced its Australian growth ambitions by appointing Julian Menegazzo, a veteran of real estate fund manager Charter Hall, as head of investment for Australia.
The Chester Hill transaction was brokered by Cushman & Wakefield's Tony Iuliano and Adrian Rowse. Deal closure remains conditional on certain outstanding requirements, and all parties involved have maintained confidentiality pending final settlement. The transaction was first publicly disclosed by The Australian on 24 July 2025.
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