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Asian REIT to acquire Sydney cold store warehouse for $262m
Mapletree Logistics Trust Management to acquire its first logistics property in Australia.
Mapletree will pay A$253 million ($261.5 million) for a cold store warehouse located in Sydney. The Coles Chilled Distribution Center is 100 percent leased to Coles Group with a remaining lease tenure of 19 years and annual rent increments. Coles is Australia’s second largest supermarket chain and a subsidiary of Wesfarmers Group.
The 596,266-square-foot property is being acquired from BGAI Pty Ltd, a 50/50 joint venture between Brickworks Limited and Goodman Australia Industrial Fund.
Australia is a growing and scalable logistics market underpinned by favorable underlying fundamentals. Its economy has sustained 23 years of uninterrupted growth, with domestic consumption emerging as an engine of economic growth as the mining sector slows. Population growth, which averaged 1.7 percent per annum from 2004 to 2014 (one of the highest among mature economies),