The Charter Hall Prime Industrial Fund (CPIF), managed by Charter Hall, has paid A$100 million ($68 million) for a 20-hectare (49-acre) industrial site in an industrial precinct of southeast Melbourne via a sale-leaseback agreement.
The seller was Viridian Glass, which has occupied the property since the 1960s and currently uses it as its national headquarters. It is the only site that manufactures glass in Australia, according to Charter Hall.
The property comprises 77,124 square meters (830,155 square feet) of gross leasable area, with multiple warehouses, office and ancillary buildings, a small cold store, drive around truck access and multiple parking areas. The site also includes 4.1 hectares (10 acres) of expansion land for future development.
As part of the sale-leaseback agreement, Viridian Glass will continue to occupy the property with an eight-year triple-net lease.
The deal follows Charter Hall’s strategy of undertaking sale-leaseback transa
