11/12/2007 - 09:15

Aspen pays $13.6m for Qld industrial site

11/12/2007 - 09:15

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Perth-based Aspen Group Ltd has acquired a 4.5 hectare industrial site in Queensland for $13.6 million.

Perth-based Aspen Group Ltd has acquired a 4.5 hectare industrial site in Queensland for $13.6 million.

The industrial complex at 60 Grindle Road, Wacol, Queensland is to be acquired with a 15 year leaseback to the vendors, Cook Freeze Pty Ltd, a leading provider of pre-prepared and packaged food solutions.

Aspen Group managing director Angelo Del Borrello said the proposed acquisition provided a secure long term leased property to complement the Aspen Diversified Property Fund's existing portfolio.

"We are delighted to have secured a property with a 15 year lease, at an attractive yield, in such a tight market, which also fits well with our strategy to have a mix of single tenant and multi tenanted properties", said Mr Del Borrello.

The property comprises of a combination of cold storage, food production and storage facilities, with smaller areas set aside for offices, loading docks and maintenance sheds.

The gross lettable area is 9,020 square metres on a site of 45,220 square metres, providing the opportunity for future development and yield enhancement of the property.

Mr Del Borrello said "we continue to seek quality acquisitions in the $5 million to $30 million range to achieve our target of $250 million in assets for the Fund while providing a current yield to investors in excess of 8 per cent per annum".

The acquisition brings to ten the number of properties in Aspen Diversified which are now spread across four states of Australia. The Fund's total portfolio will increase to $167 million with further acquisitions to be sought.

Settlement is due on 21 December 2007.

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