CFSGAM is set to close the first round of bidding for its industrial property portfolio.
Colonial First State Global Asset Management (CFSGAM) will shortly announce the bidders for a $270 million industrial property portfolio, with the first round of bidding set to end in the next few days.
"The first round of bids is due to end in mid-August and we will announce a short list providing that the offers reflect the market value of the entire portfolio," CFSGAM head of property management Darren Steinberg said.
"If not, we will seek to sell the properties individually over the next two years."
Steinberg said he did not want to reveal which companies were among the bidders, but the list included sovereign wealth funds, Australian property trusts and Asian institutional buyers.
The portfolio is part of the Direct Property Investment Fund, which is an actively-managed property fund that also included investments in office and retail properties.
The industrial portfolio of the fund includes 13 properties and two development sites.
"The terms of the fund holding the assets have ended and we have made the decision to exit investment in industrial properties," Steinberg said.
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