Frasers sell down 50% of QLD warehouse in record deal
Fraser Property group have sold a 50% interest in 99 Sandstone Place, Parkinson QLD for $134.2M to DWS Group.
Comprising a significant cold store/freezer Distribution Centre of 55,245sq.m within one of South-East Queensland’s major industrial estates, the asset is fully leased to Coles with 13.1 years remaining on the current lease term.
The facility, which sits on a 15.9ha leasehold site, was originally developed in 2008 by Australand and expanded in 2012.
Frasers acquired the property as part of the Australand portfolio deal in 2014. At that time the asset was valued at $176M on a 7.5% cap rate. Based on modest rental increases over time, the current sale would likely reflect a yield of circa 5.8%.
The purchaser, DWS Group is the old Deutsche Asset Management business who rebranded to DWS in March 2018. DWS apparently draws from the name of Deutsche Bank’s original fund firm founded in 1956, Deutsche Gesellschaft für Wertpapiersparen (German Corporation for Investment Saving). The letters DWS appear there somewhere !
The transaction was managed by JLL who claim it to be a record price for a single asset (if you count it at its 100% value of $268.4M) however our records show that Charter Hall acquired Parkway Industrial Estate in 2015 for a higher price, though JLL would likely claim that involved several assets.