Charter Hall doubles money on Catch warehouse
Barings and Rest have seeded an industrial fund with a two-building Truganina investment part occupied by Wesfarmers backed online retailer catch.com.au.
The 7.9 hectare asset, 2-30 Saintly Drive (image, top), also at the north west corner of two busier roads – Boundary and Robinsons, is costing $94.1 million, reflecting a 4.7 per cent passing yield.
Charter Hall was the vendor, it paid $41.7m in 2015, since holding it in the Core Logistics Partnership.
The trust it is headed into has a $1 billion mandate.
The deal comes three days since we reported Cadence picked up a 12.25ha Somerton investment, north of Melbourne, for $48.25m.
That seller, Acure Asset Management, also reported an impressive capital gain after paying $25.25m in 2015 (story continues below).
2-30 Saintly Drive
With 46,933 sqm and two other tenancies, one occupied by Effective Logistics, the weighted average lease expiry of the Truganina asset is 2.4 years.
Charter Hall is expected to tip proceeds into a multi-level warehouse, Ascent on Bourke, in Sydney’s Alexandria.
It was represented at Truganina by Cushman & Wakefield’s Tony Iuliano, Adrian Rowse and Chris Jones.
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