German asset manager DWS has acquired a 50% freehold interest in a prime refrigerated distribution centre located in Queensland in Australia for 134.2 million Australian dollars (€81 million).
The purpose-built facility, sitting on a 15.5 hectares site, is made up of a single story, state-of-the-art cold storage distribution centre, cross docked facility, and offices over two levels. It is let solely to Australian retail company Coles Group Ltd.
The deal was made on behalf of DWS’ Asia Core Real Estate fund. The other 50% of ownership will be retained by Frasers Logistics & Industrial Trust.
According to Victoria Sharpe, head of real estate, Asia Pacific at DWS, the property provided an “attractive opportunity” to acquire a super prime refrigerated logistics facility.
It is the firm’s first investment in Australia for its open-ended Asia Core Real Estate fund, and fourth acquisition in cold storage facilities in Australia overall.
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