Dexus Australian Logistics Trust, of which Australian REIT Dexus holds a 51% interest in, has exchanged contracts to acquire two industrial properties.
The assets are namely 37-39 Wentworth Street at Greenacre in New South Wales and the Ford Facility at Merrifield Business Park in Mickleham, Victoria.
The properties have been acquired for a combined price of AUD173.5 million (USD120 million).
This effectively puts Dexus’ share at AUD88.5 million.
Greenacre is a 19,246-square metre cold store and ambient facility leased to Real Dairy Australia and Tomkin.
It includes 5,950 square metres of expansion space currently under development for Real Dairy Australia.
Meanwhile, Merrifield is a brand new 51,595 square metre prime grade logistics facility currently being developed for Ford Australia as their national distribution centre for spare parts.
Each investor in DALT will fund their respective share of acquisition costs, with Dexus’s interest to be funded from existing debt facilities.