CapitaLand banks premium from industrial portfolio
CapitaLand Ascendas REIT Management has sold three Brisbane industrial investments for $73 million – a 6.2 per cent rise on the ($68.75m) August, 2023, valuations – to AsheMorgan.
In the biggest deal, just, 77 Logistics Place, Larapinta, is trading for $27.84m – a 6.4pc net passing yield.
On 2.55 hectares, it contains a 13,886 square metres office/warehouse leased until mid-2028 to McPhee Distribution Services.
The industrial component has a 12 metre clearance accessed via four covered on-grade doors and two recessed docks.
Exposed to the Logan Motorway, opposite a Woolworths distribution centre, the asset is 20 kilometres south of the CBD.
Parkinson assets
In the Southlink Business Park at Parkinson meanwhile, the managers have traded two assets:
- 92 Sandstone Pl – a 13,738 sqm office/warehouse on 2.488ha. Based on the rent of the outgoing occupier, the $27.2m price reflects a 5.1pc yield, and
- 62 Sandstone Pl – a 9260 sqm temperature controlled distribution centre, office and workshop on 2.193ha. Tenanted until 2026, the $17.96m result demonstrates a 6.7pc return.
Proceeds accounted for
CapitaLand Ascendas REIT, last known as Ascendas Real Investment Trust (Ascendas Reit), is Singapore’s largest listed business space and industrial real estate investment trust.
It plans to allocate $69.2m from these sales to meet financial commitments, repay debt, extend loans to subsidiaries and fund general corporate and working capital needs.
Funds might also be used to provide unitholder distributions.
CapitaLand Ascendas REIT was listed in November, 2022.
The Larapinta and Parkinson properties were marketed by CBRE and Cushman & Wakefield.
Following settlements last month the trust holds 228 assets – 33 in Australia (story continues below).
Its portfolio is most represented with Singapore product – 97 investments – followed by 50 in Europe and 48 in the United States.
Westbridge, Charter Hall trade Redbank Plains asset
Meanwhile, Perth based Westbridge Funds Management has paid $23 million for the Redbanks Plains Retail Centre, about 28km west of Parkinson.
On 1.53ha at 588 Redbank Plains Road, the mixed use retail investment contains 1613 sqm of lettable area (the licensed area is 5227 sqm).
Nearly 90pc of income is derived from national and global retailers – Ampol, Carl’s Jnr, Krispy Kreme and Zarraffa’s amongst them.
The weighted average lease expiry is 6.3 years.
CBRE’s Michael Hedger and Joe Tynan were the agents.
Charter Hall was the seller, holding it in the Long WALE REIT (CLW).
The asset will now be slotted into Westbridge’s Diversified Fund No 4.
“We believe the Redbank Plains Retail Centre is the perfect addition to the existing portfolio of the Fund, which now spans Western Australia, Victoria and Queensland, giving investors the benefit of diversification across sectors and locations,” chairman, Damian Collins, said.
“With its strategic location and strong blue-chip income stream, the addition of the Redbank Plains Retail Centre has served to further emphasise these objectives, and in our view has been the ideal asset to close out the Fund,” he added.
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