The $520 million 360 Capital Industrial Fund now lays claim to being the "largest pure rent-collecting industrial Australian real estate investment trust" after taking over rival Australian Industrial REIT during the 2016 first half. 
The merger, completed in   December, has already left its mark on the trust's interim accounts, with statutory profit down 89 per cent to $1.6 million, courtesy of takeover costs.
On the upside, operating earnings are up more than 115 per cent to $24.9 million, partly due to the takeover, combined with higher property income from acquisitions, fixed rental increases and lower finance costs.
The enlarged portfolio, worth $867 million, has 37 assets and a 43.5 per cent weighting to NSW. Around $50 million worth of property has been earmarked for disposal in the next financial year.
With the takeover complete, fund manager Ben Butler is stepping down and will be replaced by James Storey, who will retain his role leading the 360 Capital Office Fund.