Centuria Property Funds No.2 Limited, an entity of Centuria Industrial REIT (CIP) has acquired 92 Robinson Avenue, Belmont, WA for $11.2 million.
Belmont is located 7 km east of the Perth CBD on the southern bank of the Swan river. Following an extensive refurbishment in 2013 to meet Toll’s requirements, the property has become the sole facility for Toll Fast in WA, operating as a depot for courier and metropolitan delivery services.
The property is 100% occupied by Toll Transport with a WALE of 3.8 years. At the purchase price of $11.2 million the property will deliver an initial yield of 11.0%.
CIP Trust Manager, Ross Lees said, “The acquisition of this property is consistent with our strategy to invest in fit-for-purpose, quality assets in infill locations. We continue to identify attractive investment opportunities in our core markets and, since June 2017, we have agreed to acquire $76.2 million of assets, all 100% occupied with a WALE of 5.5 years.”
The transaction will increase CIP’s portfolio to 39 assets with a value of $968.1 million.
Settlement is expected to occur on 31 August 2017.