Singapore-listed industrial REIT, Frasers Logistics & Industrial Trust, announced on 6 June that it is acquiring seven properties across Sydney, Melbourne, and Brisbane for AUD169.3 million (USD126 million).
The acquisition comprises four completed properties, and three properties currently under development, all of which are either fully leased or pre-committed with an average age of 2.4 years as at 31 March 2017.
The completed properties are namely (with committed tenants shown in parenthesis):
8 Stanton Road, Seven Hills, New South Wales (Yusen Logistics)
Lot 1, Horsley Drive Business Park, New South Wales (Survitec & Phoenix Facility)
89-103 South Park Drive, Dandenong South, Victoria (Ecolab)
43 Efficient Drive, Truganina, Victoria (CEVA Tech)
Meanwhile the properties still under development are:
Lot 1 Pearson Road, Yatala, Queensland (Beaulieu)
29 Indian Drive, Keysborough, Victoria (Stanley Black & Decker)
17 Hudson Court, Keysborough, Victoria (Clifford Hallam)
All properties are being acquired from the REIT’s sponsor, Frasers Centrepoint Limited, with all leases featuring annual rental increments averaging 3.1%.