Frasers Logistics & Industrial Trust is paying subsidiaries of Frasers Property Australia $125.5 million for three investments on Australia’s east coast.
The most valuable deal, for an asset within the Eastern Creek Business Park, west of Sydney, is worth $65.5 million.
The 32,894 square metre warehouse at 7 Eucalyptus Place is tenanted to Freight Distribution Management (FDM) Warehousing.
In Melbourne, Frasers is paying $34.8 million for a 25,762 sqm facility occupied by three businesses: Dana Australia (which rents approximately 10,000 sqm), Pinnacle Diversity (7242 sqm) and Licensing Essentials (8120 sqm).
Developed by Frasers Property Australia in 2017, this investment (pictured, top), in Hudson Court, Keysborough, is part of the 114-hectare Key Industrial Park, about 27 kilometres south-east of the city centre.
In Brisbane, meanwhile, Frasers Logistics & Industrial Trust is paying $25.2 million for a 15,456 sqm facility tenanted to Avery Dennison Materials and GM Kane and Sons. This asset is within the Southwest Industrial Estate in Acacia Ridge, about 15 kilometres south of the Queensland capital.
The three assets are part of a 12-property portfolio which is costing the Singapore-based Frasers Logistics & Industrial Trust $644.7 million.
The other nine assets are in Germany.
The weighted-average-lease-expiry for the new properties is 8.6 years.
Rob Wallace, Frasers Logistics & Industrial Trust chief executive officer said the proposed acquisition deepens the REIT’s presence in two “attractive logistics markets”.
“The new properties are a strategic fit for FLT, adding more prime, modern, high-quality logistics facilities leased to reputable tenants to the existing portfolio.”