Charter Hall Long WALE REIT divested the 420 Sherbrooke Rd. logistics facility in Willawong, Brisbane, Australia, for approximately A$38.7 million, in line with the property's book value.
The buyer of the asset is tenant Grace Worldwide (Australia) Pty. Ltd. The company said the facility is the only one in its portfolio that provides the tenant with a call option to purchase the property.
Proceeds from the sale will be reinvested into properties with a longer weighted average lease expiry, according to a release.
