The Singapore-listed Cache Logistics Trust has acquired an industrial facility at Wacol in Brisbane for $27 million.
CBRE’s Ed Bull said he negotiated the sale on behalf of a private investor.
“This is a significant transaction for the Brisbane industrial investment market," Mr Bull said.
"The process was run formally off market and received five offers at the close of the campaign. The buyer was impressed by the improvements and the quality of the covenant.”
Cache Logistics Trust said it had entered into an agreement with One Funds Management Limited, the Trustee for Wacol Industrial Property Trust, to acquire the warehouse at 203 Viking Drive, Wacol.
This marks Cache Logistics Trust’s fourth acquisition in Australia after its maiden acquisition of three distribution warehouses earlier in the year.
Mr Daniel Cerf, Chief Executive Officer of Cache said: “The proposed acquisition will boost
Cache’s Australian portfolio to four warehouses, and further expands our footprint in this market.
"The long WALE of 7.9 years by lettable area will also lengthen Cache’s portfolio WALE to 4.6
years and strengthen its ability to deliver regular and stable distributions to unitholders."The Property is a modern single-storey warehouse with two levels of ancillary office.
Located approximately 18 kilometres west of the Brisbane Central Business District and within the
established industrial precinct of Wacol.
Completed in 2008, the property sits on freehold land which is approximately 22,440 sqm and has a gross lettable area of approximately 13,363 sqm.
Post completion, the property will be fully master-leased to Western Star Trucks Australia Pty Ltd with an annual rental escalation of 4% per annum, until August 2023.
WSTA, a wholly-owned subsidiary of Penske Automotive Group which is listed on the New York
Stock Exchange, is an importer and distributor of trucks and other commercial vehicles in Australia.