ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Charter Hall Buys $28m Asset in Brisbane’s Parkinson

7a36d554-2b13-41f6-8e2a-9fa96943a612

A Charter Hall-managed fund has expanded its industrial holdings in Brisbane, with the acquisition of a distribution centre on a sale and leaseback deal for $28 million.

The Charter Hall-managed Direct Industrial Fund No.4 purchased the Parkinson asset, located approximately 20-kilometres south of Brisbane CBD, on a 5.38 per cent yield.

ASX listed Beacon Lighting occupies the property, at 58 Precinct Street, with its initial term of 8 years commencing this month, and three further option terms of five years.

The active fund manager last month snapped up an industrial estate in Canberra, located at 32-42 Sheppard Street in Hume, from vendor Blackstone for $34 million.

Related: Gold Coast Council Buy 85ha Block in Yatala

The latest buy, located at the Sitelink Business Park in Parkinson’s industrial precinct, lifts the fund’s value of its industrial portfolio to almost $437 million.

“The Fund is benefiting from strong equity inflows as investors are attracted to the quality of the industrial portfolio,” Charter Hall’s Direct chief executive Steven Bennett said.

Bennett said the Parkinson purchase represents Charter Hall’s strong relationships with major retailers.

“And also our ability to acquire assets through sale and leasebacks with major Australian corporations.”

The warehouse, purpose-built in 2014 as a Masters Home Improvement store, was recently repositioned into a distribution centre.

Following the acquisition the Charter Hall Direct Industrial Fund No.4 will comprise 11 industrial and logistics properties.

Related: Charter Hall Buys Western Sydney Site

ADVERTISEMENT
TOP STORIES
CONTRIBUTE TO THE CONVERSATION
Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: https://theurbandeveloper.com/articles/charter-hall-buy-28m-asset-parkinson-brisbane