AIMS APAC REIT to Acquire 9.15-Hectare Hazelmere Freehold Industrial Landholding for A$42.7M — 5.3% NPI Yield, 10-Year Triple-Net Lease to Swan Materials, Data-Centre Optionality Near Perth’s Guildford Substation

AIMS APAC REIT has contracted to acquire a 9.15-hectare freehold industrial landholding at 398 Bushmead Road and 286 Stirling Crescent in Hazelmere, Western Australia, for A$42.70 million (S$38.43 million) — a price that works out to roughly A$467 per square metre of land in Perth’s tightly held eastern industrial corridor. The two adjoining plots are fully leased to Swan Materials on a 10-year triple-net lease, delivering a 5.3% Year 1 net property income yield and DPU accretion of 0.3% on a fully debt-funded basis. Completion is expected around 2Q FY2027 — the quarter ending 30 September 2026.

The deal

The purchase consideration sits exactly at Colliers’ independent valuation of A$42.70 million as at 27 February 2026, negotiated with an unrelated private vendor. Total acquisition outlay is approximately A$44.30 million (S$39.87 million), comprising the consideration, a 1.0% acquisition fee of A$0.43 million payable to the Manager in cash, and A$2.69 million of professional fees, stamp duty and expenses — less an unusual line item: an A$1.52 million adjustment in the purchaser’s favour. In exchange, AA REIT takes on responsibility for any environmental remediation works authorities may require at the site, backed by a bank guarantee to the vendor — a sensible allocation given the working asphalt plant on the hardstand. The transaction is classified as non-discloseable under Rule 1006 of the Listing Manual.

The land mathematics

This is a land trade wearing an income deal. The 91,547 sqm site carries only 12,310 sqm of gross floor area — warehouses, workshops and offices at roughly 13% site coverage — meaning about 87% of the landholding is hardstand and optionality. The Manager’s entry price of A$467 psm on a land basis lands in a Perth industrial market where REIWA reported land values up approximately 15% in 2024, and where vacancy across the eastern corridor runs at just 1.2–1.6% — among the lowest readings in Australia. Connectivity does the rest: 3 kilometres to Perth Airport, 10 kilometres to the Kewdale Freight Terminal, 17 kilometres to the Perth CBD, with direct access to Roe Highway, Tonkin Highway and the Great Eastern Highway Bypass.

The tenant

Swan Materials, a Western Australia-based construction materials supplier running asphalt production, logistics and materials testing from the site, signed a 10-year triple-net lease commencing 1 October 2025 — 9.3 years remaining as at 30 June 2026 — with fixed annual escalations of 3.25%, two further 10-year renewal options and a Year 5 market rent review carrying downside protection and capped upside. Year 1 passing income is A$2.3 million, and the tenant pays all outgoings, maintenance and operating costs. The covenant runs deep: Swan Materials sits within Adbri, the delisted ASX building materials group now owned by Ireland’s CRH plc — a Fortune Global 500 company with a market capitalisation around US$70 billion and 80,000 employees across 28 countries — and Australia’s family-owned Barro Group.

The data-centre option

The detail both the CEO and Chairman chose to flag: the site sits approximately 1.3 kilometres from the Guildford Terminal Substation, one of Perth’s major power infrastructure assets with 550MVA of capacity. Management explicitly frames the landholding’s redevelopment potential as extending to data-centre and other power-intensive industrial uses, subject to planning and approvals. That framing is no accident — sponsor AIMS Financial Group is scaling a data-centre platform across its near-A$3 billion property portfolio, redeveloping strategically located infill sites for AI and cloud infrastructure demand. Chairman George Wang called the site “an excellent opportunity to acquire a large freehold land parcel” in a market with constrained supply.

Portfolio effect

The Hazelmere site becomes AA REIT’s fourth Australian property alongside the Gold Coast asset, the 49% Optus Centre interest and Woolworths HQ, taking the portfolio to 28 properties. On a pro forma basis, portfolio value rises from approximately S$2.25 billion to S$2.29 billion, aggregate leverage moves from 26.8% to 28.1% on full debt funding, industrial exposure climbs from 21.3% to 22.2% of gross rental income, Australia’s contribution from 23.5% to 24.4%, WALE from 4.0 to 4.1 years, freehold exposure by valuation from 28.4% to 29.6%, and portfolio occupancy from 93.6% to 93.7%.

The read

At A$467 psm for freehold land in a corridor with sub-2% vacancy and double-digit land value growth, AA REIT is being paid a 5.3% escalating yield to hold a 9.15-hectare land bank — with the 550MVA substation next door as the embedded option. The trade echoes the Manager’s stated discipline of buying land-rich, income-producing industrial assets, and aligns squarely with the sponsor’s data-centre platform push. Watch the Year 5 rent review, and whether the redevelopment conversation starts well before the first 10-year term runs down.