Mapletree sheds Woolworths backed regional distribution centre
Mapletree Logistics Trust has sold a regional Victorian distribution centre said to be a critical piece of infrastructure for occupier Woolworths, which developed it 20 years ago.
The 25 hectare asset at Barnawartha North, near Wodonga, collected $60 million in a deal yet to settle.
It paid Growthpoint $68.2m in late 2016 – part of a $142.2m portfolio with three other Australian assets (and well short of the $80.5m valuation).
Woolworths holds a 300-year ground lease.
Critical Infrastructure
With 57,740 square metres including cold storage, the Barnawartha North property, 28 Bilston Drive, can service 75 per cent of Australia’s population via road or rail.
More than 500 people are employed there.
Woolworths’ lease ends in six years. There are then eight six year options
The incoming owner might be able to claim a 50 per cent stamp duty saving.
They won’t be subject to an absentee land tax surcharge though, according to Cushman & Wakefield marketing agents, Tony Iuliano, Adrian Rowse and Chris Jones.
The value is also well below replacement cost, they added.
MLT will tip sale proceeds into “high-spec modern logistics properties”.
Following settlement it will hold 13 Australian assets.
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