CTI Logistics (ASX:CLX) struck a deal to acquire the property at 125-129 Sheffield Road, Welshpool, Western Australia, for AU$24.1 million, with vacant possession at settlement on Nov. 10, according to a Thursday filing with the Australian bourse.
The company will relocate its interstate transport business to the property following redevelopment and the expiry of two existing leases, per the filing.
CTI Logistics said it will fund the purchase and redevelopment with current debt facilities.
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