The portfolio comprises four distribution centers, which are located in Sydney, Melbourne and Brisbane.
A 50-50 joint venture between Allianz Real Estate and the $6 billion Prime Industrial Fund (CPIF) managed by Charter Hall has agreed to acquire the properties for $648 million ($447 million), according to an announcement on Thursday.
Designed and built by discount supermarket chain Aldi, the assets were sold with seven-year lease back initial terms plus multiple seven-year options. The settlement for the transaction is expected in June 2020.
«This transaction is in line with our strategy of aligning our investments to secular megatrends in the Asia-Pacific region. Demand for logistics in Australia is underpinned by growth in e-commerce, increasing international trade and the resilience of non-discretionary retail spending,» Rushabh Desai, Asia Pacific CEO of Allianz Real Estate, said about the deal.
Asian Growth
In March, Allianz Real Estate was incorporated into parent company Pimco's private strategies platform within its alternatives unit, as part of the latter's strategy to grow its real estate investments worldwide.
As of end-2019, Allianz RE's assets under management in Asia reached €5.5 billion, up 83 percent on-year, with global AUM at €73.6 billion. Its Asia Pacific business is headquartered in Singapore.
