ARA sells Kidman Park cold storage investment
ARA Logos Logistics Trust is selling a Kidman Park cold storage investment for $41.5 million.
The 11.92 hectare facility at 404-450 Findon Road cost the Singapore listed group $57m in 2015.
With 58,790 sqm of improvements – including a warehouse and offices – it was last valued four months ago at $40m – the discount attributable to the tenant, Metcash, coming to the end of its lease and relocating to a 68,000 sqm Gepps Creek complex, owned by Charter Hall.
The incoming Kidman Park owner is 1835 Capital, a local company established six years ago by Jason Di Iulio.
Coincidentally this buyer sold Charter Hall neighbouring Adelaide CBD offices last year for $51m (story continues below).
Elsewhere in the city, 1835 is developing the 25-level, 35,000 sqm Trinity City Bio Medical office project, at 88 North Terrace.
Following the divestment of 404-450 Findon Rd, the ARA fund owns and manages 26 logistics assets – 16 on Australia’s east coast (and nine in Melbourne).
It holds 10 in Singapore.
