Crestmead Distribution Centre in $180m sale push
Property funds company Charter Hall is keen to lock in its top status in prime logistics real estate by looking to buy the Crestmead Distribution Centre in Brisbane for about $180 million.
The company is targeting the Metcash-occupied asset in the city’s southern precinct.
It is being sold by US private equity group Blackstone, and the deal could result in the asset trading on a yield of about 5.2%.
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The sale, being handled by JLL’s Tony Iuliano, will be one of the biggest this year and follows other major Queensland assets changing hands, but he and the parties did not comment.
Singapore-listed Frasers Logistics & Industrial Trust sold a half stake in a near $270 million Coles cold storage facility in Brisbane in June to German wealth manager DWS in one of the largest-ever industrial sales.
The Crestmead Centre last changed hands in mid-2006 for $126 million when Blackstone bought it from the Goodman Group.
The complex at 105-137 Magnesium Drive, Crestmead, is critical to Metcash’s Queensland operations. The distribution centre incorporates a mix of ambient and cold storage over three buildings that span 89,245sqm.
The 21.03ha property sits in the Crestmead Industrial Estate 29km south of the Brisbane GPO near the Logan Motorway.
This article originally appeared on www.theaustralian.com.au/property.
