Charter Hall, via its Prime Industrial Fund and Joint Venture Partner Allianz Real Estate, Acquires More ALDI Logistics Assets
December 7, 2020 – Charter Hall Group has extended its relationship with global institutional investor Allianz Real Estate (Allianz), through expansion of the 50/50 joint venture (JV) between Charter Hall Prime Industrial Fund (CPIF or Fund) and Allianz Real Estate to acquire a further two ALDI distribution centre assets located in Derrimut, Melbourne and Staplyton-Yatala, Brisbane.
The acquisition was worth for $281.5 million (US$209 million). This expands on the JV’s initial A$648 million (US$481 million( acquisition in June 2020 of four ALDI leased logistics assets.
The Portfolio comprises a total gross lettable area of 106,614sqm upon a total combined site area of 309,900sqm (30.99ha) and benefits from a low overall site coverage ratio of 34 per cent, providing good flexibility for future development expansion or reconfiguration to future proof the assets.
The Melbourne logistics facility is located within the prime industrial precinct of Derrimut, 23 kilometres west of the Melbourne CBD. The Queensland logistics facility is located in the Staplyton-Yatala industrial precinct, which is a major distribution hub located halfway between Brisbane and the Gold Coast.
The ALDI distribution centres were designed and built by ALDI to a high-quality specification and sold subject to initial seven-year lease back terms plus multiple seven-year options. The leases are triple net with 3.0 per cent fixed annual increases providing the CPIF and Allianz Real Estate JV with a secure, growing income stream.
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