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Report: Charter Hall plans A$180M purchase of Blackstone's distribution center

Charter Hall Group is looking to acquire the Crestmead Distribution Centre in Brisbane, Australia, under an approximately A$180 million deal with Blackstone Group Inc., The Australian reported, citing unnamed sources.

A deal for the JLL-marketed property at 105-137 Magnesium Drive in the Crestmead suburb is reportedly expected to reflect a roughly 5.2% yield.

The Metcash Trading-leased property features three freestanding structures featuring an office-and-cold storage building and a large warehouse that can accommodate multiple tenants. It occupies a 21.03-hectare site and has a total gross floor area of 89,245 square meters, according to the property's website.

Blackstone, Charter Hall and the marketing agent for the distribution center did not comment regarding the potential transaction, the Aug. 1 report added.