Charter Hall grows Brisbane industrial portfolio with $300 million acquisition
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Charter Hall Group (Charter Hall or the Group) today confirmed that a managed fund has acquired a $300 million portfolio of six Brisbane industrial properties from Garda Property Group, as announced by Garada.
The portfolio comprises approximately 90,600sqm of lettable area across established Brisbane industrial precincts including Acacia Ridge, Wacol, Berrinba, Morningside and Richlands. The assets are predominantly modern industrial facilities and provide embedded rental reversion, with average passing rents below assessed market rents.
Charter Hall Industrial & Logistics CEO, Richard Stacker, said the acquisition reflected the platform’s strategy to increase its exposure to high-quality Brisbane industrial assets.
“The growth in modern Brisbane industrial assets is presenting attractive acquisition opportunities, with pricing below replacement cost and positive rental reversion potential.
“This acquisition is consistent with our strategy to upweight our exposure to Brisbane and build scale in established industrial precincts where we see strong long-term fundamentals.
“Together with our recent acquisitions of prime industrial assets leased to Australia Post, Symbion and PrixCar, the platform has acquired approximately $500 million of prime Brisbane industrial assets over the past six months.”
The portfolio includes assets in Acacia Ridge, Wacol, Berrinba, Morningside and Richlands, with tenant customers including Volvo, O’Brien Glass, CNW and Ausdeck. The portfolio has a weighted average lease expiry of 4.5 years and average annual rent increases of 3.4 per cent.
Charter Hall Managing Director & Group CEO, David Harrison, said: “These acquisitions continue our long-term strategy of securing high-quality assets, often off-market, from vendors who value Charter Hall’s execution capability and the capacity of our platform.
“Together with the recent expansion of our cross-sector platform in Queensland, these acquisitions will see Charter Hall’s property funds under management in the state grow to approximately $15 billion.”
Charter Hall’s Industrial & Logistics platform is valued at $24.9 billion.
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