Another logistics asset has changed hands in southern Brisbane, with Mapletree swooping on Blackstone’s distribution centre for $114 million in Brisbane’s busy industrial and logistics market.
It’s the second Blackstone Brisbane asset to change hands in the past week, following the divestment of its 18-hectare Acacia Ridge site to ESR for $90 million.
The Woolworths anchored property, located at 338 Bradman Street, spans two buildings comprising 55,000sq m and sits on an approximate 110,000sq m land parcel in an established industrial and logistics precinct, 18-kilometres south of Brisbane city.
The property is fully leased, and is expected to generate an initial yield of 4.9 per cent.
Woolworths Group leases 84 per cent of the property, which supports its operations in Queensland and northern New South Wales.
Property fund manager Mapletree is the first Asia-focused logistics REIT in Singapore, listed on the Singapore Exchange in mid-2005, and is managed by Mapletree Logistics Trust Management, a wholly-owned subsidiary of Mapletree Investments.
The latest buy boosts Mappletree’s Brisbane holdings to three properties, following its $105 million purchase of a Coles distribution centre in Heathwood in 2018, and a newly built A-grade Inala facility purchased this year in June for $21.25 million.
It now has a total of 13 properties across Australia.
The Covid-19 pandemic has seen a major uptick in online shopping, particularly in the food, beverage and grocery sector.
Mapletree says the Acacia Ridge location is well-positioned to benefit from infrastructure developments, specifically, the $8.4 billion high-capacity inland freight rail connecting Melbourne and Brisbane which is expected to increase rail freight between the two cities, due to be in operation in 2026.
The property is expected to be completed by the end of the financial year 2021, subject to the Australian Foreign Investment Review Board’s approval.