Charter Hall funds buy $115m Sydney asset

10 June 2020

Charter Hall Prime Industrial Fund (CPIF) along with Charter Hall Direct Industrial Fund No.4 (DIF4), which is an unlisted property fund with a portfolio of Australia industry assets, have purchased a Sydney logistics property for $115 million via an off-market transaction.

According to Charter Hall’s industrial and logistics chief executive, Richard Stacker, the purchase was consistent with the group’s and funds’ strategy to acquire core logistics properties leased on long-term leases to quality tenants in key industrial precincts.

“This acquisition enhances the quality of DIF4’s growing industrial portfolio which is approaching $800 million with a portfolio WALE of circa 10 years. The attractive 3.25 per cent per annum rent reviews adds to the long-term sustainable income growth potential of the portfolio,” fund manager for direct property, Miriam Patterson, said.

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The location of the acquired distribution facility with a total gross leasable area (GLA) of 43,000 sqm in Erskine Park also offered a benefit of Western Sydney growth corridor supported by convenient access to M4 & M7 Motorways and major infrastructure projects underway including the Badgerys Creek Aerotropolis, the firm said.

According to FE Analytics, over one year period ended on 31 May, 2020, DIF4 returned 9.59% versus  sector average of 1.46%.

Charter Hall Direct Industrial 4 Ordinary fund v property sector performance since fund inception to 5 June 2020

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