Deutsche Asset Management has announced the acquisition of two logistics facilities located at 45 Fulton Drive, Derrimut in Melbourne; and 50-80 Southlink Street, Parkinson, Brisbane, for AU$73.1 million from Properylink, a listed Australian real estate investment trust (AREIT), in an off-market transaction on behalf of a German institutional client.

The cold logistics facilities were purpose built and designed in 2010 for anchor tenant, Rand Transport, a leading service provider of refrigerated interstate transport and warehousing services in Australia. Comprising of two single-story warehouses, including administration offices and parking, the Derrimut site occupies over 34,000 square metres; and the Parkinson site over 30,000 square metres.

Both are well located within their respective markets, situated in key logistics locations favoured by logistic operators and distributors. They are well connected to local port, airport and railway stations in both Melbourne and Brisbane via major expressways and road networks. Nationally, Melbourne remains the manufacturing centre and distribution hub as home to Australia’s largest port; whilst Brisbane has a growing industrial precinct.