Arnott’s is one of the best-known names in Australian food, but it has made waves this week after selling its Brisbane QLD and Adelaide SA factories for a whopping price tag.
Sydney-based industrial property developer Centuria Industrial REIT struck one of the year’s biggest industrial deals with the huge $236.2 million sale-and-leaseback deals.
Arnott’s Queensland home at 46 Robinson Road East, Virginia, is on a 7.18ha site, while the factory has a gross lettable area of 44,785sq m.
Ross Lees, head of funds management at Centuria Capital, told The Australian Financial Review that appetite from investors for industrial assets was “pretty strong”.
“Industrial is the most preferable sector in listed real estate,” he said, and described the Brisbane acquisition for $211.8 million on a yield of 5.8 per cent as a “compelling opportunity that would reshape the portfolio”.
The Brisbane facility is offered with a 30-year lease to Arnott’s, while the smaller 23,593-square-metre Adelaide factory in the suburb of Marleston was acquired for $24.4 million on an initial yield of 7.4 per cent with a 12-year lease.
Meanwhile, the pantry staples you’ve grown up with aren’t going anywhere, with new flavours of iconic Shapes biscuits released this month – Meat Pie and Sausage Sizzle flavour if you’re game to try!