Charter Hall buys from Metcash

Published on Thu, 29/03/2012, 08:22:23

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Charter Hall’s $565 million wholesale Core Plus Industrial Fund (CPIF) has acquired a 50 per cent freehold interest in the Metcash regional distribution centre in Perth for $61.5 million from a retail investor fund managed by Australian Unity.

It also signed a new $200 million debt facility deal.
 
The Metcash Perth regional distribution centre is located within the industrial precinct of Canning Vale, approximately 15 kilometres south of the Perth CBD, with direct access to Perth’s major arterial linkages and transport infrastructure.

ncorporating approximately 100,000 square metres of modern high clearance logistics space over a number of separate buildings, the facility is 100 per cent leased to a wholly owned subsidiary of Metcash Limited on a 20 year lease term, with 12 years remaining. The property, which incorporates a site area of 20.86 hectares, is a strategic logistics site for Metcash as it services the entire state from this location.

“Completion of the recent capital raising, execution of the Fund’s new debt facility and the Metcash acquisition clearly demonstrates the Group’s continued ability to access and deploy capital providing enhanced returns for our investors,” David Harrison, Charter Hall’s joint managing director.
 
CPIF also settled on the acquisition of the $70 million Woolworths regional distribution centre in Tasmania, which it contracted to purchase in September 2010 prior to construction commencing. The new, state-of-the-art centre was completed on 21 February 2012 and is leased by Woolworths Limited for an initial term of 25 years.


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