Trust Investments Property Fund Acquires Auckland Industrial Property

The Trust Investments Property Fund announced today the purchase of an industrial property in the popular Airport Oaks area near Auckland Airport.

 

The property located at 2 Freight Place was purchased through a tender process and settlement is due later this month.

 

Online Distribution (“Online”) is the trading name of the tenant.  Online is a New Zealand based 3PL (Third Party Logistics) company and has been operating since the 1980s.  The property is leased through to October 2024.  Under the net lease the tenant has a number of rights of renewal.

 

The property is currently under rented and has both CPI rental increases plus market based rental reviews.  The next market rental review is in October 2019.  The property was purchased for $9.735m at an initial yield of 5.75%. 

 

Patrick O’Reilly, General Manager Property noted, “The purchase of this modern, well located, industrial property further enhances the Property Fund property portfolio.” 

Contacts

Grant Hope

Chief Executive Officer

09 550 4044

 

 

 

 

Shane Coward

General Manager

09 550 4045

 

 

 

 

 

 

Patrick O'Reilly

General Manager Property

09 550 4056

 

 

 

Under the Financial Markets Conduct Act this communication may be deemed to be an advertisement for an offer of units. Trust Investments Management Limited is the issuer of the units to be issued under the offer to which this advertisement relates. A product disclosure statement for the offer, which sets out the terms and conditions of the offer, is available, and can be obtained at www.trustmanagement.co.nz/investment-products.

© 2019 Trust Investments Management Limited