Published March 2021
New Acquisition
Key highlights
- A new acquisition taking the portfolio to 25% weighting in Auckland
- 15 high-quality assets with a market valuation of approximately $287m
- Strong cash returns and growth (forecasts will be finalised in the April Investment Memorandum)
New Acquisition: Supply Chain Solutions, 88 Tidal Rd, Mangere
We are pleased to announce the acquisition of a significant new build at 88 Tidal Rd, Mangere, Auckland. The property is under construction on a 1.8ha site and will comprise a high-specification warehouse, office, and canopy totaling 13,911m2. The warehouse is 12.5m high and will be capable of racking 20,000 pallets. It will be tenanted by leading e-commerce logistics provider Supply Chain Solutions ("SCS") on a 12-year lease with completion of the build expected in September 2021.
This acquisition further delivers on FortHill's geographic and tenant diversification, taking the portfolio to approximately 25% weighting in Auckland. The overall portfolio is now made up of 15 high-quality assets worth approximately $287m.
Equity Raise - April / May 2021
The next raise will be in April / May. FortHill is in the process of preparing the offer documents and expect these to be released following 31 March year-end.
We look forward to having you join us in investing in FortHill. The portfolio consists of:
- 15 industrial assets (and growing),
- 10.8 year Weighted Average Lease Term (WALT),
- Five new buildings acquired in 2020-21 with 47,000m2 of high-quality space and tenants,
- Fixed annual rental increases across most of the tenancies.
Please feel free to be in touch with any questions.