Mapletree Logistics Trust has finalised the purchase of a Coles distribution centre, in Brisbane, for $105 million.
At that price, the complex at 44 Stradbroke Street, Heathwood, in the city’s south-west, is trading on a passing yield of 5.7 per cent.
Close to the Logan motorway, the 55,729 square metre complex sits on a 15.1 hectare parcel of land – about three hectares of which can be developed.
It currently returns $6.1 million in annual rent on a lease expiring in 2023.
Mapletree Logistics Trust, listed on the Singapore stock exchange, owns assets around the world including in Hong Kong, Malaysia and Vietnam.
On Australia’s east coast, it recently paid Altis Property Partners $85 million for four warehouses in Sydney – in Mount Druitt, Smithfield, Wetherill Park and Huntingwood. It also acquired Victorian logistics assets from Growthpoint Properties Australia for more than $142 million