Brisbane industrial warehouse sale to Cache Logistics

Singapore-listed Cache Logistics Trust has agreed to buy a warehouse near Brisbane from One Funds Management Ltd for $27 million, as it increases its footprint in Australia.

Cache had earlier this year acquired three other distribution warehouses. 

The latest warehouse at 203 Viking Drive, Wacol will be fully master-leased to Western Star Trucks Australia Pty Ltd, with an annual rental escalation of 4% per annum, until August 2023.

WSTA, a wholly-owned subsidiary of NYSE-listed Penske Automotive Group3, is the exclusive importer and distributor of trucks and other commercial vehicles in Australia.

PAG has a market capitalization of approximately US$4.6 billion.

CBRE’s Ed Bull negotiated the sale having received five offers for the modern single-storey warehouse with two levels of ancillary office.

Located 18 kilometres west of the Brisbane Central Business District the property completed in 2008 is 22,440 square metres with a gross lettable area of 13,363 sqm.

Daniel Cerf, the chief of Cache, said the long WALE of 7.9 years by lettable area will also lengthen Cache’s portfolio WALE to 4.6 years and strengthen its ability to deliver regular and stable distributions to unitholders.