Charter Hall is paying $21 million for a modern Larapinta property occupied by Toyota Material Handling.
The 7094 warehouse, office and showroom occupies a relatively small part of the 1.77 hectare site, 20 Radius Drive.
The tenant has nearly seven years left to run on a lease.
Charter Hall, which is picking it up at a 4.77 per cent passing yield, will hold the asset in the Long WALE REIT (CLW).
“The acquisition creates a new tenant customer relationship for CLW with a significant multi-national corporation and continues CLW’s focus on partnering with high quality corporate and government tenants,” a statement said.
“The purchase will be funded by equity via a scrip for scrip transaction where CLW stapled securities will be issued to the vendor in exchange for units in the asset owning trust” (story continues below).
Charter Hall will also pay $4m to a vendor trust account.
The deal comes three months since Harmony Property Investments banked $9.34m from a Larapinta industrial property occupied by Linde – which also deals in forklifts.
Image, top: Google Street View
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