Centuria Industrial REIT has acquired a modern 9,554sqm cold storage facility in Ormeau, Queensland, for $43m from ESR Australia.
The transaction, is the REIT’s sixth acquisition in FY21adding $523m of assets under management and continuing to bolster its position as Australia’s largest ASX-listed domestic pure play industrial REIT.
The Ormeau property is 100% occupied by Markwell Cold Storage, a subsidiary of Competitive Foods Australia, which is one of the largest privately owned companies in the Australasia food sector. The asset provides a WALE of 6.5 years and an initial yield of 5.5%.
This cold storage asset grows CIP’s asset base of facilities providing refrigerated logistics space, expanding on the recently completed development of Townsville Regional Distribution Centre for Woolworths.
Positioned in the Yatala Enterprise Area, a key corridor between Brisbane and the Gold Coast, the site totals 2.1ha.
Jesse Curtis, CIP Fund Manager, said, “A key growth thematic for CIP is the non-discretionary, food distribution and cold storage industries and this facility increases the Trust’s exposure to food and cold storage related users to almost 30% by income.
“The modern, high-quality Ormeau property has been fully occupied by the well-established Maxwell Cold Storage since its construction and complements the existing array of high-quality, blue-chip tenant customers within the CIP portfolio.”
The property is located at 1 Lahrs Road, Ormeau. The acquisition will be funded with CIP’s existing debt facilities.
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