In my eyes, some of these industrial property transactions are questionable. CIP just sold 30 Clay Place at a 38% premium to book value just five months ago (good for CIP); I believe this implies a cap rate of circa 3.0% (based on the 4.0% cap rate in December).
10 year Aussie government bonds are currently trading on a 3.5% yield. I haven't yet seen industrial rents increasing so much to justify these sorts of cap rates. Needless to say, I don't know what is going to happen, but we seem in unusual times to see industrial property cap rates lower than the risk free rate.
Ann: CIP Transactions Drive Growth, page-3
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$3.15 |
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Mkt cap ! $2.000B | |||
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