SINGAPORE (Feb 23): Cache Logistics Trust (CLT) announced on Wednesday it is in the process of acquiring a single-storey warehouse with ancillary office space in the suburb of Melbourne, Australia for A$22.25 million ($24.27 million).

The proposed acquisition will be funded by net proceeds from the recent divestment of Cache Changi Districentre 3, to keep the REIT’s gearing ratio post-acquisition.

The warehouse is located in the Laverton North suburb, some 18 km west of Melbourne's central business district, and is purchased from Challenger Life CDI Nominees, which is a trustee for Challenger Diversified Property Trust.

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