Wesfarmers wellness arm rents another new distribution centre
EXCLUSIVE
Australian Pharmaceutical Industries – a Wesfarmers arm from 2022 – has signed a 15 year lease for a distribution centre under construction in Adelaide’s north Direk.
With the 8920 square metre deal, landlord Charter Hall has filled the Edinburgh Logistics Park, with two buildings, at 15 Edinburgh Road, ahead of scheduled completion in May.
Pepsico is the other occupier; for its Smith’s Snackfoods subsidiary, it last year committed to a 15,480 sqm complex until at least 2030.
Direk is about 30 kilometres from town.
API keeps growing
Established in Melbourne in 1910, API is the country’s biggest wholesale distributor of pharmaceutical and allied products, operating, amongst other health and beauty brands, Priceline and Soul Patterson.
Woolworths picked it up for $774m.
The Edinburgh Logistics Park deal comes two months since we reported Irongate sold an ex-Toll distribution centre in the suburb, now, Enerven’s headquarters (story continues below).
On two hectares with a 6989 sqm improvement, it collected $14.8m from a Victorian investor.
Important tenant client
Charter Hall owns several properties leased to other Wesfarmers brands.
For API, it recently completed an automated distribution centre in Brisbane’s Berrinba, spreading 27,000 sqm.
“As an existing tenant customer in our portfolio, API’s…lease at this new South Australian facility follows the successful delivery of their $50m fulfilment centre in Berrinba, Queensland,” Charter Hall head of Development, Southern, Anthony Maugeri, said.
“This milestone further strengthens Charter Hall’s industrial and logistics footprint in South Australia where we now mange 521,297 sqm, with $1.3 billion in funds under management,” he added.
The API Direk asset – which had the potential to be spread 11,000 sqm – will be held by the Charter Hall Core Logistics Partnership Fund.
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