Mapletree Logistics Trust agrees to acquire 15,100 sq m warehouse in Australia

Mapletree Logistics Trust has acquired logistics property in South Korea for KRW35.8bn.

Mapletree Logistics Trust (MLT) announced that it entered into a conditional forward purchase agreement with Wooreddy Investments for the acquisition of a warehouse in Truganina, Melbourne, Victoria, Australia at a property purchase price of A$18.4m.

The property will be acquired with vacant possession and settlement is expected to take place by third quarter of 2020. MLT will be responsible for leasing the warehouse.

Wooreddy Investments is connected to Vaughan Constructions, one of the largest private industrial builders in Australia with more than 60 years of track record and a clientele that includes established Australian companies such as Woolworths, Coles and Linfox.

The facility is a one storey logistics facility to be constructed in Truganina, Melbourne. Sited on freehold land having an area of 25,650 sq m, it will have a net lettable area of approximately 15,100 sq m when completed.

It is designed with Grade A specifications, including minimum clearance height of 10 metres, floor loading capacity of 30kN/sq m. The property will also be equipped with an ESFR sprinkler system and a 2,000 sq m super canopy, a feature that allows users to operate under any weather conditions, said MLT.

According to MLT, Truganina is one of the fastest growing industrial precincts in Australia. With easy connectivity via highways to the Port of Melbourne (17 km), Melbourne Airport (20 km), central business district (20 km) as well as interstate regions, Truganina has attracted major operators such as CEVA, Toll and DHL to the precinct. The upcoming West Gate Tunnel will further enhance Truganina’s connectivity. Slated for completion in 2022, the underground expressway is expected to reduce peak travelling time from West Melbourne to the port and the central business district by half to approximately 30 minutes.

Source: Mapletree Logistics Trust