The asset, bought by one of Charter Hall’s unlisted direct property funds on a yield of about 6 per cent, is a 10-hectare milk processing and distribution facility leased to Western Australia’s oldest dairy company, Brownes Dairy. The property is at 22 Geddes and 20 Kenhelm Street in Balcatta, 12 kilometres north of the Perth CBD,
The Perth industrial asset, with a gross lettable area of about 26,400sq m, was sold on a triple net lease structure and a 14-year weighted average lease expiry, with annual rent reviews of 3.25 per cent.
It was sold off-market through Colliers International’s Gavin Bishop and CBRE’s Chris O’Brien.
The sale was in line with Stockland’s strategy to focus on development opportunities on the eastern seaboard.
It was a quick turnaround for Stockland. The asset sold within a month, following plenty of attention from both domestic and offshore buyers.
This transaction is the latest in a string of deals by Charter Hall.
The acquisitive group recently paid $207 million for Qube’s Minto logistics facility, a 30-hectare car distribution centre in south-west Sydney leased by four automotive tenants including Mazda, and is one of a handful of investors in the race for a bigger piece of Qube’s logistics property portfolio – a stake in its $2.5 billion intermodal freight facility at Moorebank in Sydney’s south-west.
Charter Hall also swooped on three industrial properties for $214 million – on a firm yield of 5.4 per cent – as part of a sale-and-leaseback deal in July, accompanying the acquisition of the Australasian glass bottle manufacturing assets of United States group Owens-Illinois by Rich Lister Anthony Pratt’s Visy group.
A month earlier, the group sealed the deal on a $648 million logistics property portfolio that was owned by German supermarket giant Aldi, acquiring the four distribution centres in a joint venture with global investor Allianz Real Estate.
Charter Hall is also expected to soon finalise the purchase of a $1 billion stake in a portfolio of Ampol-owned petrol stations, with the backing of capital partner Singapore sovereign wealth fund GIC.
