Cache Logistics Trust's manager ARA-CWT Trust Manager has entered into a sale and purchase agreement with One Funds Management Limited, the trustee for Wacol Industrial Property Trust, to acquire a warehouse on 203 Viking Drive, Wacol, in Queensland, Australia, for A$29.5 million ($30.2 million).
The Viking Drive warehouse has a weighted average lease expiry (WALE) of 7.9 years. It is a single-storey warehouse with two levels of ancillary office space, 18km west of Brisbane central business district and within the industrial precinct of Wacol. It has a gross lettable area of 13,363 sq m.
The warehouse is fully leased to Western Star Trucks Australia with an annual rental increase of 4% a year until August 2023. Western Star Trucks is a wholly-owned subsidiary of Penske Automotive Group, an importer and distributor of trucks listed on the New York Stock Exchange.
The acquisition of the warehouse is fully funded by debt, expected to increase Cache's aggregate leverage ratio to 39.4%, from 38% as at end June.
The deal marks Cache’s fourth acquisition in Australia this year. It had earlier bought three distribution warehouses.
Cache closed 1.97% higher at $1.035.
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
The Viking Drive warehouse has a weighted average lease expiry (WALE) of 7.9 years. It is a single-storey warehouse with two levels of ancillary office space, 18km west of Brisbane central business district and within the industrial precinct of Wacol. It has a gross lettable area of 13,363 sq m.
The warehouse is fully leased to Western Star Trucks Australia with an annual rental increase of 4% a year until August 2023. Western Star Trucks is a wholly-owned subsidiary of Penske Automotive Group, an importer and distributor of trucks listed on the New York Stock Exchange.
The acquisition of the warehouse is fully funded by debt, expected to increase Cache's aggregate leverage ratio to 39.4%, from 38% as at end June.
The deal marks Cache’s fourth acquisition in Australia this year. It had earlier bought three distribution warehouses.
Cache closed 1.97% higher at $1.035.
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
0 comments:
Post a Comment