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Charter Hall Group (Charter Hall or the Group) announced today that the Direct Industrial Fund No.4 (DIF4 or the Fund) has acquired a Bunnings warehouse facility in Munno Para West, SA for $48.8 million. This follows twelve months of significant growth for the Fund, which has completed $1 billion in acquisitions and has doubled in size since July 2020.
The warehouse is a freestanding, purpose-built facility and is fully leased to Bunnings with a 7-year WALE on a net lease structure. The property is located within Playford Local Council Area, 40 kilometres from Adelaide CBD and is Adelaide’s largest and fastest growing Local Council Area, optimally positioned to benefit from population growth and government infrastructure spending.
In line with its strategy of securing high quality industrial properties positioned near major transport infrastructure, this acquisition provides an opportunity for DIF4 to secure a long-WALE investment, with a strong tenant covenant and deepening Charter Hall’s existing cross-sector relationship with Bunnings.
Charter Hall Direct CEO, Steven Bennett, said, “This acquisition is in line with our strategy for the DIF4 fund and builds on our momentum in the industrial & logistic sector. DIF4 has completed $230 million in acquisitions over the past three months and $1 billion over the past twelve months, demonstrating the ability for the Fund to deploy capital in a highly sought-after asset class that provides accretive returns. This acquisition underpins our commitment to partnering with our customers to meet their needs and investing in secure, long WALE properties.”
Charter Hall Head of Industrial Transactions, Jack Walters, said, “Industrial & logistics continues to be a highly attractive sector for Charter Hall and the growth of the DIF4 fund reflects our high conviction and investor demand for these assets. In particular, we have been active in acquiring properties leased to tenant customers in the essential services and non-discretionary asset classes, which have continually demonstrated to be a resilient and defensive investment and served all of our funds very well.”