Singapore-listed ARA LOGOS Logistics Trust (ALOG) said on Monday that it has proposed the acquisition of five logistics properties in Brisbane, Australia, including a development asset, Corner Heron Drive and Curlew Street, Port of Brisbane for S$225.9 million from LOGOS Property Group Limited’s (LOGOS) managed ventures.
ALOG also announced the fund investment in 49.5% interest in New LAIVS Trust (New LAIVS Fund) and 40.0% interest in Oxford Property Fund (OP Fund), which have a combined portfolio of five logistics properties in New South Wales and Victoria, Australia, for $178.5 million.
The total aggregate consideration of the proposed acquisitions and fund investments is approximately S$404.4 million, excluding stamp duty and other transaction expenses, said in the statement.
“This is a transformational acquisition for ALOG as it expands our footprint across key economic hubs in the East Coast of Australia and paves the way for our next chapter of growth under LOGOS’ sponsorship,” said Karen Lee, Chief Executive Officer of the Manager.
“The Proposed Acquisitions and Fund Investments, which comprise a portfolio of prime logistics properties, will not only strengthen ALOG’s portfolio, but importantly provide further income and geographic diversification, from an attractive market in Australia, which has stable fundamentals and strong growth potential. The Proposed Acquisitions and Fund Investments are also in line with the Manager’s disciplined execution of ALOG’s Portfolio Rebalancing and Growth Strategy to enhance the sustainability of ALOG’s
earnings for our Unitholders,” Karen Lee added.
Listed on the Singapore Exchange on 12 April 2010, ARA LOGOS Logistics Trust (ALOG) is a real estate investment trust (REIT) that invests in industrial real estate used for logistics purposes, as well as real estate-related assets in the Asia Pacific. ALOG is managed by ARA LOGOS Logistics Trust Management Limited.