Charter Hall’s wholesale Prime Industrial Fund (CPIF) has purchased an industrial facility in Queensland for AUD156m (€106m).
The AUD2.4bn unlisted fund signed a sale-and-leaseback agreement drink manufacturers Coca-Cola Amatil.
Richard Mason, CPIF fund manager, said: “This core logistics facility is a pivotal asset within the Coca-Cola Amatil logistics and supply-chain operations, and is a rare offering in the industrial market with its 20-year triple net lease.
“This highly sought-after property is one of the single largest industrial investments offered in Queensland.”
The property is located in Richlands, an established industrial suburb on the outskirts of Brisbane.
It could be in line to benefit from growth in the industrial market resulting from commitments by the Queensland and federal governments to major infrastructure investment projects across Southeast Queensland.
Coca-Cola Amatil recently began construction of a new distribution facility of 30,594sqm on the site.
Mason said the new warehousing facility will complement an existing manufacturing facility.
The warehouse will incorporate a state-of-the-art automated storage retrieval system and automated case picker. The site also provides additional land that could accommodate expansion to support Amatil’s future requirements.
The 20-year leaseback of the Richlands facility will commence in December and has two five-year extension options.
Amatil also has first right of refusal on the sale of the property.
Sean McMahon, Charter Hall’s chief investment officer, said the transaction further strengthened Charter Hall’s relationship with Coca-Cola Amatil.
“It demonstrates our ability to partner with existing customers across our industrial platform,” he said.
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