sta Commercial Developments (ICD) has entered into an agreement to buy a parcel of rural land in regional Victoria.
ICD, part of the Investa Property Group, plans to develop the 26.33 hectare parcel of land in the Truganina region into an industrial estate after it is rezoned from rural and planning approval for an industrial subdivision is given.
Under the terms of the acquisition agreement, the site will be purchased over a five-year term.
In total, Investa has an industrial development pipeline worth $800 million in subdivided land value with the potential to grow substantially with the addition of built form on its industrial estates.
Investa is an Australian diversified property company within the ASX Top 100. As at December 31, 2006, Investa had assets under management of $7 billion.