Growthpoint Properties Australia announced that it has exchanged contracts for the acquisition of four adjoining, modern industrial warehouses at Lot 11 and Lot 1, Part Lot 9, Tarlton Crescent and Lot 6 and Lot 7, Hugh Edwards Drive, Perth Airport, WA for $46 million, providing an initial passing yield of 8.13%. The properties are fully leased to seven tenants with a weighted average lease expiry (WALE) as at 30 June 2017 of 6.4 years, annual rent reviews either to CPI or a fixed 2.0%, a total lettable area of 31,954 square metres (sqm) and total land area of 57,617 sqm. The properties are located in the Perth Airport industrial precinct approximately 11 kilometres from Perth's central business district.