Frasers Logistics & Industrial Asset Management has sold a half-stake in a Coles cold storage distribution centre in Queensland to German asset manager DWS. The price was $134.2 million.
The property was purpose-built for Coles in 2008 and is situated approximately 29 kilometres south of Brisbane’s Central Business District and has a total gross lettable area of 54,245-square-metres.
“We are thrilled to partner with FLT on this joint venture ownership and look forward to working with the team,” said Victoria Sharpe, Head of Real Estate for Asia Pacific with DWS. “The property provided an attractive opportunity to acquire a super prime, refrigerated, logistics facility and marks the first investment in Australia for our open-ended Asia core real estate strategy.”
“We are pleased to enter into a partnership with DWS to co-own and co-manage the Property,” said CEO of the REIT Manager, Robert Wallace. “Coles is presently FLT’s single largest tenant at 7.0 per cent of GRI5 which is expected to reduce to 3.6 per cent after the divestment of a 50 per cent interest, therefore providing a strategic opportunity for FLT to reduce its portfolio’s tenant concentration risk.”