Charter Hall has announced it has expanded its national partnership with ALDI through a new 20-year pre-lease agreement at Tarneit in Victoria and an expansion of ALDI’s existing distribution facility lease at Brendale in Queensland.
The new Victorian development will be delivered at the Tarneit Logistics Hub, owned by Charter Hall’s $14 billion Charter Hall Prime Industrial Fund (CPIF), with ALDI committing to a 20-year pre-lease for a 102,000 square metre ambient and temperature-controlled warehouse and office facility.
Charter Hall says the Tarneit facility will also include automation technology throughout the site, supporting ALDI’s operational growth in the region. Practical completion of the base building is expected by the end of this year, with automation commissioning to follow.
In Queensland, ALDI has also extended its tenancy at the Brendale Distribution Facility, also owned by CPIF, through an additional eight-year lease, including a 13,500 square metre ambient warehouse and office space extension.
ALDI has also signed an additional eight-year pre-lease for a 9,000 square metre freezer facility, expanding its total footprint at Brendale to 22,500 square metres. Practical completion for the new facility is expected in July this year.
Following the new agreements, Charter Hall says its industrial and logistics partnership with ALDI now spans 378,000 square metres across nine sites, while Group-wide ALDI leases total 407,000 square metres across 27 sites nationally.
Charter Hall Industrial & Logistics CEO Richard Stacker says the agreement reflects the difficulty businesses face in securing large-scale industrial sites.
“As demand for industrial & logistics space continues to outpace supply, it’s increasingly difficult for businesses like ALDI to be able to secure large-scale sites that allow for automation while also having proximity to major infrastructure and metro areas, enabling effective cost management and supply chain efficiency,” says Stacker.
“The expansion of our partnership with ALDI reflects the strength of our relationship and the value that our scale and national footprint provides our tenant customers, particularly those that are heavily investing in strategic growth across the country,” he says.
“Importantly, by curating a portfolio of high-quality, well-located, best-in-class assets across the country, we’ve demonstrated our ability to attract, retain and partner with our valued tenant customers as their businesses grow, while also delivering sustainable returns for our CPIF investors,” says Stacker.
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