Ascot Capital Limited purchases Cope Portfolio of seven industrial assets.
Colliers International have sold the Cope Sensitive Freight ‘Secure Seven’ Portfolio - one of the most flexible and geographically diverse portfolios to be offered to the market in many years. The agents involved in the transaction were Gavin Bishop, Raj Singh, and Sean Thomson of Colliers International
The portfolio was sold to Ascot Capital Limited for $31.5M, which represents a 7.08% yield and rate of $1366/m².
The Cope ‘Secure Seven’ portfolio is comprised of 7 individual assets within established industrial locations throughout Australia and has a total site area of 78,042 sqm.
The total building area of the portfolio is 23,575 sqm, with an overall office content of 5%, ideally suited to the markets where the assets are located.
Gavin Bishop, National Director of Industrial at Colliers International said that the portfolio had a wide range of interest due to the “long WALE, which was underpinned by it’s strong tenancy profile and by being land rich in nature which provided value add opportunities in the future.”
“We received a total of 21 bids on the portfolio, from syndicators, medium sized funds and private investors. Due to the 12-year WALE and triple net lease structure there was plenty of buyer depth for the portfolio.”
“This was a rare opportunity to acquire a portfolio with an asset located in every state across the country.”
Established in 1989, Cope Sensitive Freight are Australia’s largest independent specialist freight carrier. The purchasers, Ascot Capital Limited, are a WA based developer and syndicator with an Australian & New Zealand syndication portfolio in excess of $750 million.
“All of the assets within the portfolio have good access to major road infrastructure and will benefit from government infrastructure investment,” Mr Bishop said.