DWS has acquired 50% of a prime, refrigerated distribution centre in Queensland for $134.2 million.
Located in Parkinson, Queensland, this is the fourth acquisition in cold storage facilities made by the investment manager.
DWS acquired it on behalf of its Asia Core Real Estate Fund from Frasers Logistics & Industrial Trust, who will retain the other half of the facility.
The 15.5 hectare facility was built in 2008 and extended in 2012. It comprises a single story cold storage distribution centre, cross docked facility, and offices over two levels. Currently, it is let to sole tenant Coles Group Ltd.
Head of real estate, Australia at DWS James Bartlett said: "The property provided an attractive opportunity to acquire a super prime, refrigerated, logistics facility - a sector attracting increased investor demand for its higher yielding industrial assets."
"We are delighted to partner with FLT on this joint venture ownership and look forward to working with the team."
Chief executive of the REIT manager Robert Wallace said they were pleased to co-own and co-manage the property
"DWS has a proven track record in Australia's industrial sector and has strong familiarity with cold storage logistics assets," he said.
"This partnership is a great opportunity to bring together the mutual strengths of both FLT and DWS in the ownership and management of industrial properties."