German asset manager DWS has acquired a 50% freehold interest in a prime, refrigerated distribution centre located in Parkinson, Queensland for AUD $134.2 million, on behalf of its institutional focused, Asia core real estate strategy, from Frasers Logistics & Industrial Trust (FLT), who will retain its remaining 50% ownership.
Sitting on a significant land holding of 15.5 hectares, the modern, purpose-built facility comprises a single story, state of the art cold storage distribution centre, cross docked facility, and offices over two levels. Built in 2008 and extended in 2012, it is let to sole tenant Coles Group Ltd.
Located at 99 Sandstone Place, Parkinson in Queensland, it is well positioned in one of Brisbane’s major industrial estates, the ‘Southlink Business Park’. It benefits from excellent connectivity to Brisbane’s CBD, seaport, airport and an intermodal hub.
James Bartlett, Head of Real Estate, Australia at DWS said: “The property provided an attractive opportunity to acquire a super prime, refrigerated, logistics facility – a sector attracting increased investor demand for its higher yielding industrial assets.” He added: “We are delighted to partner with FLT on this joint venture ownership and look forward to working with the team.”
Mr. Robert Wallace, Chief Executive Officer of the REIT Manager said: “We are pleased to enter into a partnership with DWS to co-own and co-manage the Property. DWS has a proven track record in Australia’s industrial sector and has strong familiarity with cold storage logistics assets.” He continued: “This partnership is a great opportunity to bring together the mutual strengths of both FLT and DWS in the ownership and management of industrial properties.”
This represents DWS’s fourth acquisition in cold storage facilities in Australia.