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Mapletree secures Coles Distribution Facility in Heathwood


The Singapore-listed Mapletree Logistics Trust looks to have secured the Coles Distribution Centre in Heathwood QLD in a deal worth approx $102M.

The Heathwood distribution centre occupies 55,739sqm and sits on a 15.1ha parcel of land with multiple street frontages and good access to the Logan Motorway.

The centre spins off a rent of $6.12 million with fixed 3% increases and the lease was recently extended for five years until January 2023.

The listed Mapletree fund has nine assets along the eastern seaboard which include four warehouses in Sydney it acquired from private equity group Altis Property Partners for $85 million and a portfolio of properties in Victoria it acquired from Growthpoint for $142.2 million. Mapletree also picked up the Coles Chilled Distribution Centre in Eastern Creek in 2015 from Goodman for $253M at what at the time (and still is) a very sharp yield of 5.6%.

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