Fund managers Charter Hall have ramped up their Christmas shopping spending spree after sealing deals for two logistics properties.
A combined $281.5 million was splashed out on the two industrial assets as the company, in partnership with Allianz Real Estate, continues to expand its logistics portfolio.
The two sites, both distribution centres for German supermarket company Aldi, are located in industrial precincts, one in Derrimut Melbourne and the other in Stapylton-Yatala, Brisbane.
The off-market move comes months after Charter Hall announced it would manage four Aldi-leased assets and CEO David Harrison described his company’s joy at securing the two properties.
“We’re delighted to once again extend our relationship with both ALDI and Allianz following the successful acquisition by CPIF and Allianz of four ALDI distributions centres for $648 million in June 2020,” he says.
Allianz Real Estate Asia Pacific CEO Rushabh Desai added that the partnership between Allianz and Charter Hall would prosper from the portfolio expansion and that he is excited to see what the future brings for the investment power couple.
“We value our long-standing relationship with Charter Hall, and we’re very excited to partner with them again on the second tranche of ALDI logistics assets,” he says.
The purchases were made on behalf of the Charter Hall Prime Industrial Fund (CPIF), with Fund Manager, Richard Mason, saying that the moves will prove stellar investments in a highly competitive marketplace.
“The acquisition of the two ALDI assets in Derrimut and Stapylton-Yatala, increases CPIF’s weighting to resilient consumer staples tenant customers to 53 per cent of the portfolio with 91 per cent of the portfolio located on the Eastern Seaboard, whilst maintaining a sector-leading weighted average lease expiry (WALE) of 10.6 years,” he says.