Aldi Announces Sale of Logistics Portfolio for $471M
ESSEN, GERMANY - Just last week, we reported that German retailer Aldi opened its newest and largest distribution center in England. Aldi’s growth streak, however, is pivoting directions as recent news revealed the grocer is set to enter a $700 million AUD (about $471 million USD) sale and leaseback of a number of its logistics centers in Australia.
According to The Urban Developer, Aldi enlisted real estate firm JLL to sell the logistics centers, which are expected to reach a combined valuation of $700 million AUD and generate $30 million AUD (about $20 million USD) in annual income. The initial four Aldi warehouses, located along the east coast of Australia, will be sold and likely leased back in order to place proceeds back into the front line of its supermarket operations.
“We expect corporate sale and leaseback to be a significant driver in 2020, which will help corporates reinvest their capital back into their operating streams,” JLL Head of Capital Markets Tony Iuliano said.
The news site stated the move by Aldi comes as demand strengthens for logistic space, due to the growth of e-commerce and online retailing.
Where will Aldi focus on next in its strategic plan? Keep reading ANUK as we follow the newswire.