The centre comprises two buildings with a gross floor area (GFA) of some 55,009 sqm sited on freehold land of approximately 110,000 sqm.
Following this acquisition, MLT will have three properties in Brisbane and a total of 13 properties in Australia.
According to the manager, the property is located in an established industrial and logistics precinct that is well-connected to the city centre, Acacia Ridge Rail Yard, Brisbane Airport and Port of Brisbane. The location is also “well-poised” to benefit from the government’s committed investments in major infrastructure developments in particular the high-capacity inland freight rail connecting Melbourne and Brisbane.
The property is fully leased to three established local industry players including Woolworths Group and an ASX-listed digital marketing company with a weighted average lease expiry (WALE) of 5.3 years (by net lettable area) and annual rent escalations, which will provide MLT with a stable and growing income stream.
The acquisition will be funded by debt and is expected to be accretive at the distribution level. It is expected to be completed by 4QFY2020/2021 subject to the approval of the Australian Foreign Investment Review Board.
As at 11.59am, units in MLT are trading 3 cents higher or 1.4% up at $2.14.
