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Laverton North Property Fund is acquiring the Austco Polar Cold Storage Facility warehouses and office, which were bought for $21 million in an off-market sale-and-leaseback transaction.
The fund is designed to offer wholesale investors a direct property investment with an expected initial distribution yield of 8.25% per annum.
Austco Polar Cold Storage Facility features a high-capacity freezing plant, a storage capacity of 15,000 pallets, loading capability of 15 containers per day, and the leasing of various rooms with both managed and unmanaged services attached.
The owner of Austco Polar, ASX listed Wingara Ag Limited, is an accumulator and marketer of agricultural products and services in international and domestic markets.
The business offers a number of strategic services to manufacturers in food infrastructure and exporting, such as multiple intake times throughout the day, problem-solving, comprehensive stock management data, as well as both bulk and order picking. The Austco Polar Cold Storage facility is located only 22 kilometers from Tullamarine airport and 12 kilometers from the Port of Melbourne, making it ideally placed to help companies store, distribute, load and move their agricultural produce more efficiently to market.
Furthermore, the location of the property in Melbourne’s Laverton North, gives investors a rare opportunity to buy into this highly coveted industrial location and facility.
Note: the owner of Austco, Wingara AG Limited, is being advised by 333 Capital, a wholly owned entity of KordaMentha.