Singapore-based Mapletree Logistics Trust has entered into a conditional agreement with 115 Rudd St Pty Ltd to acquire a newly built freehold warehouse in Inala, Brisbane, Australia for A$21.25 million (S$20.22 million).
The acquisition is the second logistics facility in Brisbane and will expand Mapletree Logistics Trust’s footprint in Australia to a total of eleven assets with a combined GFA of 277,115 square metres, said the company in a statement.
Newly completed in May 2020, the property is designed with Grade A building specifications, including minimum clear height of 10 metres, floor loading capacity of 30kPa and is column-free.
The property is 100% leased to Decina for the next 10 years with annual rent escalations. Decina is Australia’s largest specialist bath, spa bath and shower manufacturer.
”Brisbane is a growing logistics market supported by positive long-term economic fundamentals and resilient domestic consumption.”
”Brisbane is a growing logistics market supported by positive long-term economic fundamentals and resilient domestic consumption. Despite the short-term headwinds due to the COVID-19 situation, domestic consumption is expected to remain resilient underpinned by structural demand drivers which include population growth and an increasing proportion of working age population,” said Mapletree Logistics Trust in the statement.
”Going forward, the Brisbane logistics market is expected to be a beneficiary of several major infrastructure developments which include Brisbane Airport’s second runway, improvement works to Brisbane Port and a new inland freight rail line between Melbourne and Brisbane.”