Charter Hall expands Queensland industrial portfolio with $192.4 million of acquisitions
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Charter Hall is pleased to announce that Charter Hall Prime Industrial Fund (CPIF) and the newly established Charter Hall Industrial Partnership 6 (IP6) have acquired three industrial and logistics assets in South East Queensland for a combined $192.4 million.
The acquisitions comprise:
- Australia Post logistics facility at 39 Gravel Pit Road, Darra for $70.15 million
- PrixCar industrial outdoor storage facility at 108 Burman Road, Willawong for $74.5 million
- Symbion healthcare and pharmaceutical distribution facility at 51 Peterkin Street, Acacia Ridge for $47.75 million.
The 21,757 square metre Darra facility was acquired through a sale and leaseback with Australia Post and is secured by a new 10-year triple-net lease. Located in Brisbane’s western industrial corridor, the property was acquired on an initial yield of 5.75%. The asset was acquired by IP6, in a 50:50 joint venture between CPIF and a major domestic capital partner, bringing the partnership’s portfolio to three assets with a total value exceeding $650 million.
The Willawong acquisition comprises an 8.9-hectare purpose-built industrial outdoor storage facility fully leased to automotive logistics operator PrixCar. The acquisition creates a consolidated holding of approximately 23 hectares across adjoining sites, with a 20-year weighted average lease expiry across the combined holding following a 6.5-year lease extension. The asset was also acquired by IP6.
The Acacia Ridge property comprises a 12,856 square metre healthcare and pharmaceutical distribution facility leased to Symbion, part of the EBOS Group, under a 15-year triple-net lease. The property was acquired 100% by CPIF on an initial yield of 5.65%.
David Harrison, Managing Director & Group CEO of Charter Hall said, " These acquisitions provide exposure to high-quality assets leased to leading tenant customers operating critical infrastructure across the postal, healthcare and automotive sectors.
We remain focused on disciplined investment in assets with strong underlying fundamentals that can deliver resilient income and long-term value for our investor customers.”
Richard Stacker, Industrial & Logistics CEO of Charter Hall added, "South East Queensland continues to benefit from population growth, freight infrastructure investment and demand from essential supply chain occupiers.
The acquisitions are consistent with CPIF's strategy of acquiring high-quality industrial and logistics assets underpinned by leading tenant covenants, long lease profiles and strong underlying land value.”
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