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SYDNEY, 11 September, 2013 – Charter Hall’s Core Plus Industrial Fund (CPIF) has completed the acquisition of 6.6 hectares of industrial-zoned land in Smithfield from Transgrid, paying $8,977,000.
As part of the acquisition, CPIF has the option to acquire an additional five hectares adjoining the site in the coming months as part of a three-stage logistics development. CPIF has also confirmed the pre-commitment of national logistics operator Northline to an eight-year lease over 16,500 sqm of lettable area.
The Northline facility, indicatively worth $24 million on completion, will be constructed on 3.3 hectares. It is due be completed by late 2013, which will complete stage 1 of its $80 million Sydney development.
Charter Hall Core Plus Industrial Fund Manager Paul Ford said, “Securing a quality covenant such as Northline prior to settlement continues to support Charter Hall’s focus on core, land constrained precincts.” Mr Ford added, “With a WALE of 9.5 years, CPIF is well positioned to build out its national development pipeline of circa $220 million.”
Jones Lang LaSalle’s National Director, Corporate Industrial Solutions Andrew Maher, who transacted the deal, said, “Smithfield represents a location offering both investors and occupiers a genuine alternative to the outer localities of Eastern Creek and Erskine Park.
“Access to metropolitan Sydney and its population affords the site an ability to target users associated with the online retail sector and metropolitan deliveries, whilst also accommodating users with a line-haul function,” concluded Mr Maher.
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