Four Aldi distribution centres located in in Brisbane, Sydney and Melbourne have been sold for $648 million.
Fund manager Charter Hall along with joint venture partner Allianz Real Estate have secured the sites that were designed and built by the German retailer.
The four asset portfolio comprises Sydney logistics facilities located in Minchinbury and Prestons, a Melbourne facility in Dandenong and a Brisbane facility in Brendale.
The sought-after portfolio had drawn interest from developer Mirvac as well as Asian-based logistics platform ESR.
David Harrison, managing director and chief executive of Charter Hall said he is delighted to extend the cross-sector relationship with ALDI who will become a sizeable cross sector tenant customer.
“Further, combining the balance sheet strength of CPIF and its partner Allianz Real Estate gave Charter Hall a competitive advantage in convincing ALDI that we could deliver an unconditional executed transaction within a short timeframe, having recently secured FIRB approval for the transaction,” he said.
“Accessing the on-going growth and resilience of grocery retailing in Australia has been a consistent thematic driving the growth of our Industrial and Logistics portfolio toward $10 billion and beyond, now representing 25 per cent of our enlarged $40 billion platform.”
Rushabh Desai, Asia Pacific chief executive of Allianz Real Estate, said the transaction is in line with the company’s strategy in aligning its investments to secular mega trends in the Asia-Pacific region.
“Demand for logistics in Australia is underpinned by growth in e-commerce, increasing international trade and the resilience of non-discretionary retail spending,” he said.
“This will provide our investors an attractive distribution yield,”
“We value our long-standing relationship with Charter Hall, and we are very excited to partner with them on the acquisition of the ALDI logistics portfolio.”
Charter Hall recently boosted its industrial portfolio by 60,000sq m after securing two new Coles distribution centres in a deal worth $400 million.
The fund manager also recently secured tyre company Bridgestone for a 25,000sq m warehouse and commercial store facility at its masterplanned Midwest Logistics Hub in Truganina, on a 10-year lease term.