Goodman and Brickworks sell Coles Chilled Distribution Centre for $253m

Goodman Australia Industrial Fund (GAIF) and its joint venture partner, Brickworks Limited, have signed an agreement for the sale of the Coles Chilled Distribution Centre (Coles CDC) at the jointly owned M7 Business Hub in Eastern Creek, NSW. A sale price of $253m has been agreed with purchaser Mapletree Logistics Trust.

Jason Little, General Manager Australia for Goodman said, “The sale is consistent with GAIF’s strategy of selectively rotating assets within its portfolio and recycling the capital into new high quality properties from Goodman’s development pipeline. With $5.7bn of assets under management, the sale and reinvestment of the proceeds enables GAIF to achieve its targeted returns to investors.”

Located within the jointly owned M7 Business Hub, the 55,395 sq m chilled distribution centre was purpose-built for Coles, an Australian supermarket, in 2007 and includes hardstand areas, ambient and temperature controlled warehousing and offices. The building was extended by 12,325 sq m in July 2014, and has an agreed 20 year lease until 2034 in place with Coles.