Charter Hall makes strategic divestment of distribution facility in Prestons NSW

Charter Hall Group (Charter Hall or the Group) is pleased to announce that the Direct Industrial Fund No.4 (DIF4 or the Fund) has made a strategic divestment of a cold storage and distribution facility located at 115-121 Jedda Road, Prestons NSW to Centennial, for a total consideration of $79 million.

The asset is a 15,000 square metre purpose-built, temperature-controlled facility arranged over three buildings, with a WALE of 6.3 years.

In line with its investment strategy, DIF4 will redeploy proceeds of the sale to continue actively curating its portfolio, with a focus on institutional grade assets located in core Australian industrial markets.

Charter Hall Direct Fund Manager, Julian Menegazzo, said, “We continue to actively curate our portfolio of industrial and logistics facilities, divesting over $135 million across five older, non-core assets over the last 12-months. Proceeds from recent divestments will be utilised to recycle capital into more modern facilities, continuing to add to the overall quality of the DIF4 portfolio.”

DIF4 is a $3.5 billion industrial and logistics property portfolio, with 100% occupancy and a WALE of 10.2 years. The Fund remains open for investment and is currently offering investors a distribution yield in excess of 5% per annum.