ARA sells Kidman Park cold storage investment

The 11.92ha Kidman Park property is selling for $41.5m.

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.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco