Allianz Real Estate and Charter Hall have agreed to acquire a portfolio of four Aldi distribution centres in Australia for AU$648m (£356m).
The 50:50 joint venture involves Allianz Real Estate on behalf of several Allianz companies and the Charter Hall CPIF wholesale fund.
The four assets in Sydney, Melbourne and Brisbane have been sold with a seven-year lease-back and a seven-year renewal option.
Rushabh Desai, Asia Pacific chief executive of Allianz Real Estate, said: “Demand for logistics in Australia is underpinned by growth in e-commerce, increasing international trade and the resilience of non-discretionary retail spending. This will provide our investors an attractive distribution yield.”
David Harrison, chief executive and managing director of Charter Hall, added: “The ongoing growth and resilience of grocery retailing in Australia is consistent with our strategic focus in growing our industrial and logistics portfolio toward AU$10bn and beyond.”
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