Singapore-listed industrial REIT, Cache Logistics Trust (SGX:K2LU), announced on 4 December that it has completed the acquisition of 223 Viking Drive located in Wacol, Queensland, Australia.

The REIT first announced on 27 November that it was acquiring the single-storey warehouse for AUD9.575 million (SGD9.6 million).

The property has a weighted average lease expiry (WALE) by lettable area of 7.7 years as at 27 November 2015 and extends the REIT’s portfolio WALE from 4.42 years to 4.46 years.

“The acquisition represents an opportunity for Cache to acquire a warehouse with freehold tenure and located in a sought-after industrial precinct within Queensland, Australia, and located immediately adjacent to the previously acquired property at 203 Viking Drive”, said the REIT in a statement on the acquisition.

On the same day, managers for the REIT disclosed that it has used SGD8.2 million from a November 2015 private placement exercise to fund the acquisition of 223 Viking Drive. A further SGD51.6 million and SGD1.4 million raised from the exercise have also been used to partially repay the REIT’s outstanding debt and settle fees related to the placement.

Units of Cache Logistics Trust are currently listed on the Singapore Exchange at SGD0.91.