Former Rand Transport facilities sold for $73 million
Deutsche Asset Management has bought the two cold storage warehouses in Melbourne and Brisbane
German investment firm Deutsche Asset Management has acquired two refrigerated warehouses in Melbourne and Brisbane for $73.1 million.
The logistics warehouses in Derrimut (Victoria) and Parkinson (Queensland) cover a total area of 64,000sqm and include office space and parking area.
The facilities where purpose-built for refrigerated interstate transport and warehousing company Rand Transport in 2010.
Australian real estate trust Propertylink acquired the two warehouses in 2013, before selling them to the German company at a six per cent premium.
"We are pleased to add Rand Transport’s facilities to our portfolio," Deutsche Asset Management head of real estate – Asia Pacific Victoria Sharpe says.
"With good quality, cold storage accommodation in prime Australian locations in small supply, over the long term we expect the assets to deliver stable cash flows with low volatility in line with the strategy for our investors."