The manager of Singapore-listed industrial REIT Cache Logistics Trust announced on Jan 31 that the REIT is acquiring nine logistics warehouses in Australia for a consideration of A$177.6 million ($188.3 million).

Of the nine warehouses, six are located in Victoria, two are in Queensland, and the remaining property is in New South Wales. Located in key established industrial precincts, the properties have a combined land area of 3.5 million sq ft.

The nine warehouses have a total gross lettable area of about 1.53 million sq ft, and are occupied by 13 tenants, including multi-national third-party logistics firms DHL Supply Chain and Melbourne Transport and Warehousing.

The acquisition will increase the REIT’s portfolio valuation by about 15.6% to $1,395 million, with Australian assets making up about 28% of the total portfolio. It would also nearly double the REIT’s assets under management in Australia from A$195.9 million to A$373.5 million. Completion of the acquisition is slated for end-February.