Ascot snares Wagners portfolio
ASX listed Wagners Holding Company has sold three Queensland warehouses with leasebacks.
The construction materials supplier banked $43 million for the assets: 580 Alderley Street, Harristown, Toowoomba (pictured, top), 115 Potassium St, Narangba, north of Brisbane, and 97-101 Quanda Road, Coolum Beach.
The buyer is Perth based asset manager Ascot Capital.
The result reflects a blended 6.4 per cent yield.
Long WALE
Built for manufacturing and distribution, all with hardstand, the industrial properties cover a combined 5.9 hectares.
The Brisbane asset is the largest, spanning 4.6ha. The others are between 6344-6846 sqm (continues below).
The portfolio’s weighted average lease expiry is about 15 years.
Wagners will tip proceeds into other initiatives.
It was represented for the sale by Cushman & Wakefield’s Morgan Ruig and Jonathan O’Brien with Burcott Road Property Advisory’s Anthony White.
“Ascot Capital’s purchase reflects continued demand for industrial assets tied to infrastructure and housing activity, particularly across south east Queensland’s growth corridors,” the agents said.
“Investor appetite remains strongest for assets offering long lease terms and exposure to sectors benefiting from population growth and construction demand, with limited availability of comparable stock supporting pricing,” they added.
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