has bought a 50% stake in a cold storage warehouse in Queensland for A$134.2m (鈧�82m) from Singapore-listed Frasers Logistics & Industrial Trust (FLT).
The trust announced that it had entered into a sale and purchase agreement with an entity managed by DWS to divest 50% of its ownership in the distribution facility at 99 Sandstone Place, which is leased to Australia retailer Coles Group.
Victoria Sharpe, head of real estate for Asia Pacific with DWS, said: 鈥淭he property provided an attractive opportunity to acquire a super prime, refrigerated, logistics facility and marks the first investment in Australia for our open-ended Asia core real estate strategy.鈥�
DWS will co-manage the asset with Frasers Logistics Trust.
Frasers Logistics Trust sold the stake at an 8.8% premium over the book value of A$123.3m as at 31 March 2019, and a 15.3% premium over the original purchase price of A$116.4m.
Robert Wallace, chief executive officer of Frasers Logistics Trust, said: 鈥淭his partnership is a great opportunity to bring together the mutual strengths of both FLT and DWS in the ownership and management of industrial properties.鈥�
He said Coles was presently the trust鈥檚 single largest tenant, and the divestment of a half stake, interest, therefore providing a strategic opportunity to reduce its portfolio鈥檚 tenant concentration risk.
