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Cache Logistics plans its largest deal in Australia with 9-asset portfolio buy

Cache Logistics Trust signed a A$177.6 million deal to buy a portfolio of nine warehouses across Australia, marking its largest transaction in the country to date.

In a release, the Singapore-listed trust said it will pay an estimated A$191.0 million to cover the entire cost of the proposed acquisition, which will help boost its portfolio valuation by roughly 15.6%.

Six of the warehouses included in the portfolio are in Victoria, while two are in Queensland and the remaining one is in New South Wales. The assets have a combined gross lettable area of about 142,103 square meters and list DHL Supply Chain, Toll Transport, Melbourne Transport and Warehousing, Mars Australia, Penske Power Systems and Carter Holt Harvey Wood Products as tenants.

Cache Logistics will partially bankroll the planned Australian purchase using a drawdown from a new S$110 million five-year unsecured term loan facility, while the remaining amount will be paid using proceeds from a recent issuance of subordinated perpetual securities.

The proposed acquisition of the logistics portfolio, as well as the planned S$73.8 million sale of the Hi-Speed Logistics Centre in Singapore is being done by the trust in pursuant to its capital recycling strategy.

As of Jan. 31, US$1 was equivalent to S$1.31.