CBRE Global Investors acquires Bunnings warehouse retail portfolio in Australia and New Zealand
CBRE Global Investors has acquired a portfolio of four Bunnings Warehouse retail properties in Australia and New Zealand totaling more than 580,000 square feet of lettable area on behalf of clients of CBRE Global Investment Partners.
Bunnings is a home improvement and outdoor living products retailer in Australia and New Zealand and a supplier to households, project builders and commercial tradespeople.
“This portfolio provides exposure to a strong credit tenant who is a leading retailer in the home improvement market with quality assets and attractive lease terms,” said Chris Johnston, director of investment-Australia and New Zealand, CBRE Global Investors. “Additionally, this segment of the retail sector is a preferred one, and this transaction is part of a focused programmatic strategy on behalf of our Global Separate Accounts business. We welcome the opportunity to work with Bunnings on any future acquisitions.”
All four freehold assets (two in Sydney, one in Adelaide and one in Auckland) are located in metropolitan areas on arterial roads. Factors expected to drive growth in these markets include household disposable income, renovation activity, housing churn, value and formation, weather, lifestyle and demographic trends, government activity, and technology.