Mapletree Logistics Trust acquires cold store warehouse in Sydney for $261.5m

This is its maiden acquisition in Australia.

Mapletree Logistics Trust (MLT) has made its maiden acquisition in Australia in the form of a premium cold store warehouse in Sydney.

The trust will acquire Coles Chilled Distribution Centre (CDC) for a purchase consideration of $261.5m (A$253m).

According to MLT, the property has a total gross floor area of 55,395 square metres. It is sited on 165,200 sqm of freehold land, of which 15,000 sqm of reserve land can potentially yield an additional GFA of 7,000 sqm for future expansion.

Coles CDC is 100% leased to Coles Group Limited with a remaining lease tenure of 19 years and annual rent increments. Coles is Australia’s second largest supermarket chain and a subsidiary of Wesfarmers Group