360 Capital Industrial Fund (ASX code:TIX) (the “Fund”) is pleased to announce it has negotiated a five year lease extension to Elite Logistics (“Elite”) at 457 Waterloo Road, Chullora. Elite’s lease will now expire in February 2028 extending the property’s WALE from 8.8 years to 13.8 years which in turn increases the Fund’s WALE from 5.2 to 5.4 years.
Commenting on the Elite deal, Fund Manager Mr Ben Butler said: “360 Capital has again demonstrated its proactive approach to asset management where strong tenant relationships have enabled the extension of lease terms well in advance of expiry. The property was acquired in June 2013 and was last valued in April 2014 exhibiting a 17.3% increase in value. The lease extension announced today will further underpin the property’s value and the Fund’s long term security of income.”
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