This article is from the Australian Property Journal archive
DESPITE the continued repricing of commercial property, S$17 billion CapitaLand Ascendas REIT has finalised the sale of three Queensland industrial and logistics assets at a premium to book value.
The REIT has finalised the sales of 77 Logistics Place, 62 Sandstone Place and 92 Sandstone Place for a combined $73 million to AsheMorgan.
The sale price represents a 6.2% premium over the book value of $68.75 million.
Located in Larapinta, 77 Logistics Place is approximately 20 kms southwest of the Brisbane CBD. It was valued at $27 million. This property consists of a warehouse facility with access through four covered on-grade doors and two recessed docks. It has a lettable area of 13,886 sqm.
Meanwhile 62 Sandstone Place and 92 Sandstone Place are located within the Southlink Business Park in Parkinson, approximately 21 kms south of the CBD.
62 Sandstone Place has a lettable area of 9,260 sqm that includes a temperature-controlled paper storage area and workshop. 92 Sandstone Place is a modern industrial facility with a lettable area of 13,738 sqm. It features 10 internal recessed docks and two recessed docks, with a minimum internal height clearance of 10 metres.
The assets, 62 Sandstone Place and 92 Sandstone Place, were valued at $15.9 million and $26.3 million respectively.
CLAR bought the three facilities from Frasers Property Australia in 2015 as part of a $1.073 billion portfolio acquisition.
The trust said the sale is part of its proactive asset management strategy to improve the quality of its portfolio. Following the sale, CLAR will own 228 properties comprising 97 properties in Singapore, 33 properties in Australia, 48 properties in the United States, and 50 properties in the United Kingdom/Europe.
