Cache Logistics Trust to buy nine warehouses in Australia for $188.3 mil

/ EdgeProp
February 1, 2018 4:58 PM SGT
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.
One of the nine warehouses, namely 16-24 William Angliss Drive in Laverton North, Victoria. It has a gross lettable area of 16,324 sq m (Credit: Cache Logistics Trust)
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.