Salta's Growth Strategy Bolstered
SALTA PROPERTIES’ GROWTH STRATEGY BOLSTERED WITH $61 MILLION ASSET SALE SIGNED
Leading independent property developer and investor, Salta Properties has further bolstered its growth strategy
today by exchanging a $61 million contract with the GPT group for its office and warehouse complex at CitiPort
Business Park in Port Melbourne.
The multi-million dollar sale adds to Salta’s cash reserves and provides an opportunity to accelerate several major
projects, including new projects in the Victoria Gardens precinct and at the Nexus Business Park in Mulgrave.
Salta is also well placed to capitalise on market opportunities as they arise.
Salta Properties Managing Director, Sam Tarascio said that the sale is in line with its business strategy and it
intends to use the proceeds of the sale to advance Salta’s development pipeline.
“Following the successful sale of CitiPort Business Park, we are in a strong position to expand and accelerate the
delivery of our substantial development pipeline and to take advantage of attractive opportunities as they come
“We can now transfer capital towards new opportunities and existing developments, beginning by ramping up
construction for projects at Green Square in the Victoria Gardens Precinct and at the dynamic Nexus Business
Park,” said Mr Tarascio.
The high-quality business three zoned complex at CitiPort comprises 28,000 sqm of office and warehouse
facilities over five-storeys with secure basement car-parking and national and multi-national tenants.
“We see plenty of opportunity in the market as supply of office, industrial, and residential space becomes
constrained by less well capitalised developers being unable to gain funding approval for their projects.
“Our discussions and experience with all of the major and larger regional banks in Australia indicate that they are
open to business for properly capitalised companies with strong track records. Given the strong position we
have built up over the last few years, we see Salta being able to capitalise on this lack of supply by delivering to
market projects to cater for the unsatisfied demand,” said Mr. Tarascio.
Salta developed CitiPort 13 years ago and has owned and managed the property ever since. Salta was one of
the first to market in the Port Melbourne precinct, developing some of its largest and most successful estates
including CitiLink Business Park - since sold, CitiTech Estate including buildings for Computershare, Mercedes
Benz and Globe International, and Gateway@Port Estate, which Salta still owns.
“CitiPort has also been Salta’s head office since it was developed and we will continue to occupy under lease for
the time being,” said Mr Tarascio.
The sale was negotiated by Tony Iuliano, National Director, Industrial, at Colliers International, and colleague Rob
Mr Iuliano said the successful sale was the culmination of several months of negotiations.
“CitiPort Business Park provided investors with a unique opportunity and exceeded market expectations. The
sale at CitiPort reinforces that the sheer weight of on-shore and off-shore interest in industrial assets is on the
increase,” said Mr Iuliano.
“So far in 2012, we have witnessed demand returning to the market for quality, income-producing industrial
assets with key property fundamentals, and this sale confirms that this is only the beginning of many more
substantial transactions to come this year, not only in Victoria, but nationally.”
Additionally, the sale will enable Salta to push forward with the development of its integrated portfolio of in-land
port projects at Altona and Lyndhurst, in Melbourne’s west and south-east, respectively.