Charter Hall Long WALE acquires 2 Industrial Assets

As part of Charter Halls’ announcement on the $1.6bn acquisition of the ALE Property Group, the Fund also added two east coast industrial investments to the REIT worth $66.9m.

The largest asset is a 2.06 hectare property at 35-37 Frank Street, Wetherhill Park being acquired from an MFS Harmony syndicate for $34.6 million. The property is Australia’s largest waste-to-energy plant and contains a 8,516sqm facility purpose-built Cleanaway and ResourceCo. The tenants has a remaining lease term of 16.8 years.

Based on the asset’s annual net income, the purchase price reflects a 4.3 per cent yield or $4,063/sqm of NLA.

Charter Hall is also paying $32.3m for a logistics facility at 45 South Pine Road Brendale leased to Modern Star. The 2.69 hectare site, contains an 18,255 sqm showroom and warehouse facility. The property has a 7.9year WALE and the deal represents a 5.5% initial return.

Premium Members can find all Charter Hall Long WALE REIT Articles, trading Analysis, Annual Reports and Presentations here

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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