Commercial Real Estate, Logistics News

Charter Hall sells Truganina logistics space for $94 million

Charter Hall has moved on from the Truganina logistics warehouse, with its eyes now on other similar spaces

Real estate and property development company Charter Hall has announced it has disposed of its premises at 2-30 Saintly Drive, Truganina for $94.1 million.

Charter Hall announced that its core logistics partnership sold the Victorian space to Barings, with a yield of 4.7 per cent.

Charter Hall’s logistics partnership (CLP) acquired the industrial property in 2015 for $41.7 million.

The space is comprised of three modern warehouses totalling 46,933 square metres and was primarily leased to Catch.com.au and Efflog Operations.

Having now sold the space, the fund will now use the proceeds to redeploy capital into other investments, including Charter Hall’s first inner-city multi-level warehouse in Sydney, known as Ascent on Bourke.

“Central to CLP’s strategy is delivering advanced industrial facilities and creating value for our investors,” CLP fund manager Simon Greig says.

“With a significant development pipeline in place, this sale enables us unlock capital that will be recycled into new opportunities for growth and drive greater returns for our investors.”

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