Cold logistics facilities in Melbourne, Brisbane sold for $73m

Financial services company Deutsche Asset Management (Deutsche AM) purchased two logistics facilities located in Melbourne and Brisbane from Australian real estate investment trust PropertyLink on Monday 14 February.
The US$56.07 million ($73 million) transaction was conducted off-market on behalf of a German institutional client.
The facilities located in Derrimut, Melbourne, and Parkinson, Brisbane, offer a total of 64,000sqm over two single-story warehouses with offices and parking.
The purchase follows Deutsche AM’s acquisition of a grade-A logistics warehouse in Tokyo in December.
The cold-storage facilities in Melbourne and Brisbane were originally designed for refrigerated interstate transport and warehousing company Rand Transport, and were purpose-built in 2010 to connect to the local port, airport, railway stations and major transport routes in both Melbourne and Brisbane.
“We are pleased to add Rand Transport’s facilities to our portfolio,” said Victoria Sharpe, Head of Real Estate – Asia Pacific, Deutsche Asset Management. “With good quality, cold storage accommodation in prime Australian locations in small supply, over the long term we expect the assets to deliver stable cash flows with low volatility in line with the strategy for our investors.”