GIC-backed DALT acquires two industrial assets in Australia for $120m

Photo by Denise Jans on Unsplash

Dexus Australian Logistics Trust (DALT) has agreed to acquire two industrial properties in Australia for A$173.5 million ($120.48 million), Dexus announced Tuesday.

Singapore’s sovereign wealth fund GIC Pte, which invests the city-state’s reserves, holds 49 per cent interest in DALT, while Dexus, an Australian real estate group, holds the remainder.

Both shareholders will fund their share of the acquisition costs, with Dexus funding its portion with existing debt facilities, the announcement said.

The first property, located at Greenacre in New South Wales, is a 19,924 square metre modern cold store and ambient facility currently leased to Real Dairy Australia and Tomkin, Dexus said in a statement.

The location is also developing another nearly 6,000 square metre space for Real Dairy Australia, the statement said. Once the expansion is completed, the property will have a passing yield of 5 per cent, with fixed annual increases of 3 per cent a year, it added.

The second property is the Ford Facility at Merrifield Business Park in Victoria state.

Dexus said the property is a new, 51,595 square metre logistics facility under development for Ford Australia as a national distribution centre for spare parts, Dexus said.

The acquisition of the Merrifield property is structured as a fund-through development with a coupon of 6.5 per cent on contributed capital through its completion in August of next year, Dexus said. After completion, the property is expected to have a passing yield of 5.25 per cent, with fixed annual increases of 3.25 per cent for the initial lease term, it added.

The deals bring Dexus’ total industrial exposure to more than A$5 billion, the statement said.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.