German financial services company Deutsche Asset Management has purchased cold logistics facilities in Melbourne and Brisbane for $73 million.
The facilities, located in Melbourne’s Derrimut and the Brisbane suburb of Parkinson, were originally built to connect to the port, airport, railway stations and major transport routes in the two cities. They were purpose-built in 2010 for refrigerated interstate transport and warehousing company Rand Transport.
“We are pleased to add Rand Transport’s facilities to our portfolio,” said Victoria Sharpe, Head of Real Estate – Asia Pacific, Deutsche Asset Management.
“With good quality, cold storage accommodation in prime Australian locations in small supply, over the long term we expect the assets to deliver stable cash flows with low volatility in line with the strategy for our investors.”