Geminder Holdings has finalised the $44.5 million sale of a national portfolio of industrial properties to funds management groups CorVal and Heathley.
Three properties were sold with long term leasebacks to the ASX listed steel and plastic packaging company Pact Group Holdings Ltd.
The fourth property was sold with a long term leaseback to the privately owned business, P’Auer Pty Ltd.
CorVal acquired the three Pact-leased properties in Sydney, Melbourne and Perth for a combined $37.55 million, with the fourth asset at Scoresby in Melbourne purchased by Heathley for $7 million.
The CorVal properties were purchased on the basis of a 15-year triple net leaseback, with the Scoresby asset sold on a 12-year leaseback to P’Auer.
“The sale of these properties materially reduces the number of related party property interactions with Pact Group. It also delivers Pact Group a lower aggregate rental in the first year of occupancy and a sign on fee for the new leases with the incoming landlords. That’s a great outcome for all stakeholders," said Geminder Holdings’ Chairman, Raphael Geminder.
CBRE’s Chris O’Brien and Matt Haddon
negotiated the sales on behalf of Geminder Holdings with CorVal and Heathly represented by LOGOS Property.
Mr O’Brien said the portfolio sale had attracted significant interest, 3 of the properties backed by the Pact Group tenancy covenant, strategic location of the four properties and potential redevelopment upside in the long term.
“Given the strength of the incumbent tenant, the portfolio is considered to be one of the most highly regarded industrial portfolio’s to be taken to market in recent times,” Mr O’Brien said.
“The offering was particularly complex given the mid-campaign listing of Pact Group, however the strategic contributions from LOGOS, CorVal, and Heathley proved critical to an already focused Geminder Holdings to obtain a beneficial result for all parties concerned’
