Postscript: this portfolio sold in June, 2020, for $648 million to Allianz Real Estate groups and Charter Hall Group’s Charter Hall Prime Industrial Fund. Read our story here.
Aldi will offload $700 million worth of distribution centres on Australia’s east coast – with leasebacks.
The four warehouses return annual rent totalling about $30 million.
Sale proceeds will be used to fund the opening of more supermarkets, it is being reported.
JLL is the marketing agency.
Sale and leaseback industrial: the new black
There are a number of suitors chasing modern investment grade and securely leased, purpose-built industrial stock – which is reportedly the reason Aldi has decided to test the market.
Last week Australasian Property Investments spent $20 million on a Henderson factory in Perth developed 10 years ago by the vendor, Matrix Composites, which offered it with a 20 year leaseback.
Arnott’s recently offloaded three industrial facilities:
- Charter Hall Prime Industrial Fund and Charter Hall Long WALE REIT spent a total of $397.8 million for the biscuit maker’s Huntingwood, Sydney, factory, and
- Centuria Industrial REIT paid $236.2 million for Adelaide and Brisbane factories offered by Arnott’s with a 30 year leaseback.
In December Charter Hall paid Beacon Lighting $28 million for an ex-Masters outlet turned distribution centre in Brisbane’s Parkinson.
A month earlier Cotton On offloaded a small factory in inner north east Melbourne’s Fairfield with five years left to run on a tenancy.
Also last July Viridian Glass banked $100 million selling Charter Hall its Dandenong South headquarters with a nine year leaseback.
Elsewhere in the suburb, Charter Hall last year invested $30.9 million for 282-300 Hammond Road, offered by Greenacre Developments with a 20 year rental agreement.