<article>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.</article>

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&#8217;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 state-owned investment company GIC holds 49 per cent interest in DALT, while Dexus, an Australian real estate group, holds the remainder.

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

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

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