Frasers Property Australia will unload a massive industrial portfolio to Frasers Logistics & Industrial Trust for approximately $169.3 million.
The portfolio, comprising four completed properties and three properties currently under development, is spread across the eastern seaboard with a WALE of 9.6 years. All properties are fully leased or pre-committed.
Twenty per cent of the assets are located in Sydney, 60 per cent are in Melbourne and the remainder in Brisbane.
Frasers Property Australia Executive General Manager Reini Otter said the portfolio was extremely attractive with all the assets located in core markets along the eastern seaboard.
"Tenant diversity is strong with a mix of third-party logistics providers as well as customers from the manufacturing, services and pharmaceuticals industries.
"These include Stanley Black & Decker, Clifford Hallam Healthcare, Beaulieu Carpets, CEVA Logistics and Ecolab, representing a strong mix of local and international companies.
“Approximately 66,000 square metres across three facilities are pre-lease transactions that will reach completion over the next twelve months. These include Stanley Black & Decker, Clifford Hallam Healthcare and Beaulieu Carpets.”
Frasers Property Australia’s Commercial & Industrial division developed and leased and in respect of the properties under development, is developing and has obtained pre-committed leases for all of the properties in the portfolio.
“The Commercial & Industrial division is in a restocking phase with recent successful transactions in Sydney and Melbourne," Mr Otter said.
"While the market remains challenging with strong competition for tenants, these transactions demonstrate Frasers Property Australia’s competitive advantage in the market.”
