CorVal Pact Trust
Three sites across NSW, Victoria and WA
Property Information
| Property | Three sites across NSW, Victoria and WA |
| Commencement | May 2014 |
| Land Size | 78,787 sqm |
| Building Size | 33,658 sqm GLA |
| Purchase Price | $37.6m |
| Target Equity IRR | 10-12% |
Strategic industrial portfolio leased to ASX listed Pact group.
The CorVal Pact Trust is an unlisted property trust established to acquire a portfolio of three properties leased to the ASX listed Pact Group. The three properties comprise industrial warehouse and manufacturing facilities in established industrial markets in NSW, Victoria and WA.
The Condell Park, NSW property was sold in April 2020 at a material premium to the most recent valuation. The sale proceeds and lease surrender fee provided investors with a significant capital return. The two properties remaining in the portfolio were revalued at 30 June 2021 at a 22% increase from the previous year.
The Trust strategy focuses on maximising the Trust’s Earnings Per Unit by working with Pact to ensure its continued occupation of the properties, including facilitating expansions and upgrade works and through the benefits of the Trust’s loan facility.