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Mapletree logistics Trust exchange on $85 million Sydney portfolio

Singapore’s first Asia-focused logistics REIT, Mapletree Logistics Trust Management Ltd., as manager (the “Manager”) of Mapletree Logistics Trust (“MLT”), has acquired a portfolio of four highly functional warehouse facilities located in Sydney, New South Wales, Australia for a combined A$85 million from a private equity real estate investment group.

The sale was negotiated by Gavin Bishop and Roger Miller of Colliers International, who said the new owner will benefit from the NSW Government’s unprecedented $68 billion infrastructure investment currently in progress and planned over the next four years.

Brief details of the properties are set out below:
Asset  Purchase Price   GFA (sqm) Site Area (sqm)   Tenants
 114 Kurrajong Avenue, Mount Druitt, NSW  $24.3 m  18,137  36,830  Dulux Group (Australia)
 53 Britton Street, Smithfield, NSW  $27.8m  13,484  36,830  Janala (a.k.a. Cope Sensitive Freight)
 405-407 Victoria Street, Wetherill Park, NSW  $17.7m  12,323  12,323  Tesrol Joinery, Cargo & Logistics Management, National Australia Bank
 3 Distillers Place, Huntingwood, NSW  $15.2m  8,936  18,000  Transport Refrigeration Services
 Total  $85.0m  52,907   112,290
 


This unique portfolio, was part of a larger, original portfolio consisting of nine properties across three major Australian markets, with seven of the nine assets located in Sydney.

According to Mr Gavin Bishop, National Director, Industrial for Colliers International, “Given the continuing low interest rate environment and robust economic fundamentals in Australia, particularly along the eastern seaboard, complemented by the above mentioned NSW infrastructure investment, this portfolio presented an outstanding and low risk opportunity for Mapletree Logistics to secure assets in Sydney’s industrial investment market. There is significant demand for Industrial investments in Sydney due to sound fundamentals, being diminishing supply of land, increased leasing demand and significant investment in infrastructure by Government.” 

Ms Ng Kiat, Chief Executive Officer of the Manager, said, “We are pleased to announce the proposed acquisition of four properties in Sydney, the prime logistics hub of Australia. Located approximately 30kms from the CBD, they will expand our footprint in Sydney to five assets with a combined GFA of 108,300 square metres. 

“Fully leased to established local industry players with a WALE of 5.5 years with fixed annual escalations, these assets will provide stable and growing income to our Unitholders.”

All assets are well located in proven, established core markets benefiting from existing and planned
Infrastructure. The improvements are highly functional and have been very well maintained minimising future capital expenditure requirements


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