Centuria Industrial REIT picks up Cargo Park
Centuria Industrial REIT (CIP), who is the midst of a takeover battle between ESR and Propertylink are pushing aggressively to expand their platform with a further acquisition announced this week. CIP announced that it had exchanged contracts to acquire Cargo Park, 1 International Drive, Westmeadows, VIC for a price of $42.0m on a cap rate of 7.0%. The property is a 25,866sqm multi-tenanted industrial estate located on a prominent 5.6ha freehold site with significant exposure to the Tullamarine Freeway. The property comprises 35 office & warehouse tenancies and is 87% leased with a 2.3yr WALE.
The industrial fund will use existing debt facilities to settle the transaction, due to complete next month.
The Vendor, Warrington Property, recently injected $7.1m to modernise the asset, including external painting, central pavement replacement, estate signage and landscaping and improvements to fire, power and air conditioning services.