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Industrial & Logistics
Transaction announced June 2020. Sold on a seven-year leaseback period with multiple seven year options
$648 million
Combining the balance sheet strength of the Charter Hall Prime Industrial Fund (CPIF) and its partner Allianz Real Estate gave us a competitive advantage in convincing ALDI that we could deliver an unconditional executed transaction within a short timeframe, having recently secured Foreign Investment Review Board (FIRB) approval for the transaction.
Highlights
- Extended our relationship with ALDI cross-sector to include both the retail and industrial & logistics sectors
- Continued our focus on consumer staples logistics assets
- Continued to enhance the quality of CPIF’s portfolio, with the acquisition of super prime logistics facilities leased to a strong global covenant and located in prime eastern seaboard locations
- Extended our longstanding relationship with global institutional investor Allianz Real Estate
How does it relate to our business objectives?
- This transaction is in line with our strategy of aligning our investments to secular mega trends particularly in the growth of logistics
- Charter Hall has a long-standing focus on long WALE leases, leased to quality covenants. We have deliberately targeted a larger proportion of our industrial assets being leased to the major Australian supermarket operators – Coles, Woolworths, ALDI and Metcash.
- Having an integrated offering and approach to partnership means we build value and drive mutual success. We want to continue to partner with major wholesale investors and grow with our existing tenant customers by leveraging our cross-sector capability.
- This transaction adds to our growing scale in sale and leaseback deals. Charter Hall is leading the way in sale and leaseback deals in Australia, with more than $8.5 billion of transactions in the past five years.
“Accessing the on-going growth and resilience of grocery retailing in Australia has been a consistent thematic driving the growth of our Industrial & Logistics portfolio toward $10 billion and beyond, now representing 25 per cent of our enlarged $40 billion platform”.
David Harrison, Managing Director and CEO of Charter Hall
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”Demand for logistics in Australia is underpinned by growth in e-commerce, increasing international trade and the resilience of non-discretionary retail spending. This will provide our investors an attractive distribution yield”.
Rushabh Desai, Asia Pacific CEO of Allianz Real Estate
What did we exemplify?
Our long-standing and valued partnerships with Allianz Real Estate and ALDI were at the heart of our approach to this transaction and delivered a successful outcome for all parties, with long-term growth for investors.
How did we go further?
Our significant sale and leaseback activity provides off-market opportunities to grow our funds.
As the leaders in sale and leaseback deals in Australia, we gain access to quality properties on long term leases and work with corporates to develop customised deal structures which support their broader investment strategies and releases capital back into their business.
This transaction also demonstrates our ability to use the combined capacity of funds to close large transactions quickly and efficiently.
FY20 Reporting Suite
At Charter Hall we believe in going above and beyond. In doing more to help our tenants, investors, our people and the communities we operate in realise their full potential.
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