Cache Logistics Trust (CLT): Makes its maiden foray into Australia, with the acquisition of three distribution warehouses for A$75.6m ($79.3m), which will be 100% leased to high quality tenants for a long WALE of 9.7 years with fixed annual escalations of 3.0%-3.5%.
The three freehold properties are located at Chester Hill (NSW), Somerton (VIC) and Coopers Plains (QLD), and have a total gfa of 56,601 sqm (609,253 sf).
The acquisitions will be debt-funded and with aggregate leverage ratio is expected to increase from 31.2% to 35.7%.
For illustration purposes, proforma FY14 DPU is expected to increase from 8.573¢ to 8.71¢, while BVPU will remain at $0.98.
At $1.16, CLT is valued 1.2x P/B and trades at an indicative yield of 7.5%, assuming the acquisition is completed by end-Feb.
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