Allianz Real Estate, acting on behalf of several Allianz companies, and Charter Hall Group’s managed wholesale fund CPIF have formed a 50-50 joint to acquire an Australian logistics portfolio of four ALDI distribution centres for A$648 million (US$448 million).

The assets, which are located in Sydney, Melbourne and Brisbane, were designed and built by ALDI to a high-quality specification and sold with seven-year lease backs plus multiple seven-year renewal options.

The Sydney logistic facilities are located within the prime industrial locations of Minchinbury and Prestons within the Outer West and South West suburbs of Sydney, while the Melbourne facility is located at Dandenong Sand and the Brisbane asset is located at Brendale.

“This transaction is in line with our strategy of aligning our investments to secular megatrends in the Asia-Pacific region,” said Rushabh Desai, Asia Pacific CEO of Allianz Real Estate, in a statement. “Demand for logistics in