Bunnings sells four warehouses for $180m

 In Australia, Bunnings, NewZealand
Hardware giant Bunnings has sold four newly-built stores to CBRE Global Investors in a $180 million transaction that recalibrates values in the sought-after sector.
The Wesfarmers-owned hardware chain struck a deal on a low 5 per cent blended-yield to offload stores in Windsor Gardens in Adelaide, the Auckland suburb of New Lynn and the Sydney suburbs of Caringbah and Bonnyrigg.
Two of the properties, Caringbah and Windsor Gardens, are under construction and yet to open, while all four sold with 12-year leases in place to Bunnings.
CBRE Global Investors is understood to be seeding a new Australian Unit Trust with the properties which will be underpinned by offshore institutional investors.
Bunnings’ general property manager Andrew Marks said the sale was consistent with the group’s long-term strategy of diversifying its investor base and recycling capital on lease terms that provide it operational flexibility. Sydney Morning Herald – Read more…

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