Mapletree Logistics Trust (MLT) is acquiring a warehouse in Brisbane, Queensland for AUD114 million (USD81 million).

The property, Acacia Ridge Distribution Centre, is located at 338 Bradman Street.

The revelation comes just days after the REIT announced acquisitions in China, Malaysia, and Vietnam.

Related: Mapletree Logistics Trust launches SGD650 million fundraising for acquisitions

The proposed acquisition is Australia comprises two buildings with a gross floor area of approximately 55,009 square metres sited on freehold land of approximately 110,000 square metres.

It is fully leased to three established local industry players with a weighted average lease expiry (WALE) of 5.3 years, and annual rent escalations.

Woolworths Group has leased 84% of the property’s gross floor area to support its operations in Queensland and northern New South Wales.

The remaining space is leased to an ASX-listed digital marketing company and a large privately owned freight forwarder in Australia.

The property was valued at AUD114.0 million by Savills Australia as at 15 October 2020.

At the property purchase price, the acquisition is expected to generate an initial net property income yield of 4.9%.

It will be funded by debt and is expected to be accretive at the distribution level.

Upon completion, MLT’s aggregate leverage ratio is projected to be approximately 37.4%.

Following this Acquisition, MLT will have three properties in Brisbane, and a total of 13 properties with over 347,287 square metres of leasable space in Australia.

MLT was last done on the Singapore Exchange at SGD2.11, which implies a distribution yield of about 3.9% according to data compiled on the Singapore REITs table.