404 - 450 Findon Road, in Adelaide South Australia.404 - 450 Findon Road, in Adelaide South Australia. (Photo: Cache Logistics Trust)

Singapore-listed industrial REIT, Cache Logistics Trust (SGX:K2LU), announced on 18 December that it has completed the acquisition of a property located at 404 - 450 Findon Road, Kidman Park, South Australia.

The property comprises of four single-storey warehouses, a cold store and freezer warehouse and an administrative office block totalling approximately 58,795 square metres of gross lettable area.

Cache Logistics Trust first announced in November 2015 that it was acquiring the property for AUD62.5 million (SGD62.7 million) including acquisition costs.

In relation to the induction, the REIT has also filed a notification the Singapore Exchange which gave an update on the use of proceeds of the late 2015 private placement which raised gross proceeds of approximately SGD100 million.

SGD26.6 million from the proceeds were used to fund the acquisition of 404 - 450 Findon Road, said the REIT in its filing.

“Such use is in accordance with the stated use and in accordance with the percentage of the gross proceeds of the private placement allocated to such use”, it said. “The manager will make further announcements via SGXNET as and when the remaining proceeds are materially disbursed”, it added.

Units of Cache Logistics Trust are currently listed on the Singapore Exchange at SGD0.905.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.