Cache Logistics Trust is acquiring a distribution warehouse facility located at 223 Viking Drive, Wacol, Queensland, Australia.
The total acquisition cost is A$10.5 million ($10.5 million) and will be financed through bank borrowings and equity proceeds from the private placement launched on Nov 3.
The property comprises a single-storey industrial warehouse facility with ancillary office space and a standalone training building on freehold land located 18km southwest of the Brisbane Central Business District, and is within the industrial precinct of Wacol with close proximity to major motorways. The land area is 22,760 sqm and the gross lettable area is 6,276 sqm.
The Net Property Income yield is expected to be 7.1%, said manager ARA-CWT Trust Management (Cache) Limited in its filing.
This is the sixth warehouse in Australia that Cache has acquired.
Post completion, the property will be fully leased to Western Star Trucks Australia until August 2023, with an annual rental escalation of 4% or the Consumer Price Index, whichever is higher.
WSTA, a subsidiary of Penske Automotive Group which is listed on the New York Stock Exchange, is an importer and distributor of commercial trucks and other vehicles in Australia.
The aggregate leverage ratio is expected to increase marginally from 35.6% to 36.0%.
Cache closed 1.1% higher at 92 cents.
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The total acquisition cost is A$10.5 million ($10.5 million) and will be financed through bank borrowings and equity proceeds from the private placement launched on Nov 3.
The property comprises a single-storey industrial warehouse facility with ancillary office space and a standalone training building on freehold land located 18km southwest of the Brisbane Central Business District, and is within the industrial precinct of Wacol with close proximity to major motorways. The land area is 22,760 sqm and the gross lettable area is 6,276 sqm.
The Net Property Income yield is expected to be 7.1%, said manager ARA-CWT Trust Management (Cache) Limited in its filing.
This is the sixth warehouse in Australia that Cache has acquired.
Post completion, the property will be fully leased to Western Star Trucks Australia until August 2023, with an annual rental escalation of 4% or the Consumer Price Index, whichever is higher.
WSTA, a subsidiary of Penske Automotive Group which is listed on the New York Stock Exchange, is an importer and distributor of commercial trucks and other vehicles in Australia.
The aggregate leverage ratio is expected to increase marginally from 35.6% to 36.0%.
Cache closed 1.1% higher at 92 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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