CACHE LOGISTICS TRUST
K2LU.SI
Cache Logistics Trust: Proposed warehouse acquisition in Australia
- Cache Logistics Trust (CACHE) announced that it has entered into a sale and purchase agreement to acquire a modern single-storey warehouse (with two levels of ancillary office) located at 203 Viking Drive, Wacol, Queensland, Australia.
- The purchase consideration is A$27.0m (~S$27.1m), and will be funded fully by debt. This would raise CACHE’s aggregate leverage ratio from 38.0% to 39.4%. The asset sits on freehold land, has a gross lettable area of 13,363 sqm and is CACHE’s fourth acquisition in Australia following its purchase of three distribution warehouses in Australia earlier this year.
- Upon completion of the acquisition, CACHE will lease the property to Western Star Trucks Australia Pty Ltd on a master lease until Aug 2023, with an annual rental escalation of 4%.
- Maintain HOLD and S$1.00 fair value on CACHE.
Wong Teck Ching Andy CFA
OCBC Securities
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http://www.ocbcresearch.com/
2015-10-12
OCBC Securities
SGX Stock
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