Coca-Cola Amatil to offload Brisbane logistics facility
4 August 2020, Written by Business News Australia
Coca-Cola Amatil (ASX: CCL) is looking to sell an industrial property in Brisbane's south on lease-back terms as part of an ongoing strategic review into its assets.
With Savills Australia appointed as the exclusive agency for the sale that will start accepting first round bids in mid-September, Coca-Cola aims to offload its 3.42-hectare property at 262 Orchard Road, Richlands.
The beverage manufacturer plans to lease 7,400 sqm of a new 12,000 sqm logistics facility which upon completion is expected to generate $1.4 million in net rental.
CCL will commit to that lease for eight years.
"The decision to sell the 262 Orchard Road, Richlands site forms part of Coca-Cola Amatil's ongoing strategy to review and optimise its property asset portfolio," a Coca-Cola Amatil spokesperson said.
"The sale and leaseback of a new 7,400 sqm logistics facility will enable Amatil to consolidate its storage, distribution and repair facilities and bring them adjacent to the company's main bottling site."
Savills agent Callum Stenson, who is coordinating the sales program with agents Michael Fenton and Michael Wall, believes the offering will attract broad institutional and private investor interest.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Business News Australia