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ALDI’s distribution sites snapped up

ALDI distribution centres in Sydney, Melbourne and Brisbane have been sold to Charter Hall and JV partner Allianz Real Estate in a deal worth $648 million.

The logistics properties, which were designed and built by ALDI, were sold on a seven-year lease back term, with multiple seven-year options.

The deal includes two Sydney centres located at Minchinbury and Prestons, a centre in Melbourne’s Dandenong industrial precinct and a centre in Brendale, in Brisbane’s north.

Managing Director and Group CEO of Charter Hall David Harrison said they were pleased to extend their cross-sector relationship with ALDI.

“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,” Mr Harrison 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” said Mr Harrison.

The acquisition furthers Charter Hall’s grocery portfolio. Last month, Coles secured long-term pre-lease commitments for two new high tech online customer fulfilment centres in Sydney and Melbourne, to be leased through the property group.

Charter Hall announced today it has also secured an off-market $115 million del for a logistics property in Erskine Park, Sydney for its Charter Hall Prime Industrial Fund (CPIF) and Charter Hall Direct Industrial Fund. The 43,000sqm facility had been used as the national distribution centre for Winc, who has entered into a new 12-year lease through the deal.

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