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Cache Logistics buys into Altona

Singapore's listed industrial REIT, Cache Logistics has acquired an industrial asset from GAW Capital in Altona for $41.2M.

The property at 182 Maidstone Street Altona comprises a 34,000sqm warehouse on a 8.3ha site.

GAW Capital and Abacus acquired the property in October 2016 for $30.0M with a 12 month lease term remaining to Fronterra who already had plans in place to vacate the building.

The property is now partially re-leased on a new 3 year deal to Congress Logistics who occupy approx 25,800sqm. The balance of the space is currently for lease however a 2 year rent guarantee by GAW capital will be provided to the purchaser as part of the transaction.

Since 2015, Cache Logisitcs has acquired 17 industrial assets across Australia worth $400M. The assets were acquired at a weighted average cap rate of 7.0%. The Altona transaction was completed on an initial yield of 6.8%.

The deal was brokered by CBRE.

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