CLAR to acquire, lease back DHL Indianapolis Logistics Center in $150.3m deal

This marks CLAR’s first acquisition and leaseback deal in the US.

CapitaLand Ascendas REIT (CLAR) announced the proposed acquisition and leaseback of DHL Indianapolis Logistics Center for $150.3m from DHL USA.

Located in Whiteland, Indianapolis, Indiana, US, the property is strategically positioned between key cities such as Chicago, Detroit, St. Louis, and Nashville, with strong connectivity to road, air, and rail transportation networks.

The property is a fully air-conditioned, single-storey logistics building with a gross floor area (gfa) of 979,649 sq ft with modern features such as high ceilings, dock equipment, cross-dock configuration, wide truck court depth of 59.4 m, and LED lighting. 

Upon completion of the acquisition, DHL USA will enter into a long-term leaseback of the entire property until December 2035, with options to renew for two additional five-year terms.

The total acquisition cost of $153.4m comprises the purchase consideration of $150.3m, the acquisition fee payable to the manager of approximately $1.5m, and other transaction-related fees and expenses of approximately $1.7m. It will be financed through internal resources, divestment proceeds, and/or existing debt facilities. 

The acquisition will expand CLAR’s logistics footprint in the US to 20 properties across four cities with a total gfa of approximately 5.1 million sq ft. The REIT’s US logistics portfolio value will also increase by 35.3% to $587.5m.