Mapletree Logistics Trust announced the proposed
acquisition of Coles Chilled Distribution Centre (Coles CDC),
a premium freehold cold store warehouse located in Eastern
Creek, Sydney, New South Wales, Australia, for a purchase
consideration of A$253m (approximately S$261.5m).
Coles
CDC is 100% leased to blue-chip tenant with a long lease
term of 19 years and built-in rental increase. Currently the
property has an NLA of 55,395 sqm with a potential 7,000
sqm for future expansion. Initial yield of 5.6%, and
transaction price is at A$4,567 psm. According to the
Manager, acquisition will be funded by debt and DPU is
estimated to increase by 1%. Gearing is estimated to
increase to 39% post deal. This will bring YTD acquisitions to
close to S$300m ( post deals done in Korea and Vietnam
from Sponsor), where contributions from acquisitions will
help compensate for the loss of earnings due to ongoing
headwinds seen in the Singapore portfolio ( vacancy risks due
to conversions from multi-tenanted to single tenanted
properties).
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