Property Review.com.au - August 23, 2006
Local property trust DB RREEF has agreed to spend $600 million to acquire Whirlpool logistics facilities across the globe. The new investment and building program with US-based Whirlpool Corporation includes 11 new global logistics facilities across the USA, Canada and Poland.
The agreement with Whirlpool will eventually see DB RREEF progressively acquire over a three year period nine state-of-the-art industrial distribution facilities in the USA and Canada as well as two factory distribution centres in the USA and Poland, totalling approximately 10 million sq ft.
Each of these centres will be fully leased to Whirlpool for 10 years, with a further four, 5-year options.
Whirlpool is the world’s leading manufacturer and marketer of home appliances and is ranked number 152 on the 2006 Fortune 500 list with worldwide sales in excess of $US19 billion per annum.
The first distribution centre of 500,000 sq ft is currently under construction and due for completion in the first quarter of 2007. Further sites have been secured for a distribution centre of 500,000 sq ft to be built in Toronto, Canada ad two factory distribution centres to be built in the Midwest, USA and Wroclaw, Poland. Site selection for the other seven distribution centres to be located in the USA and Canada, is well advanced ranging in size from 300,000 sq ft to over 1,000,000 sq ft.
Whirlpool Corporation’s Director of Global Corporate Real Estate, Lee Utke said the investment program gives Whirlpool maximum flexibility with respect to the ultimate location and size of the individual distribution centres.
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