I hold CIP and GMG  in my super, predominantly as passive exposure to the increase in logistics as the world does an ever increasing amount of Ecommerce.

Reading the CIP annual report, I was surprised to see that they also have 17% exposure to Data centres. Somehow I had missed that. 

My question to Peregrine among others, is how do you see increasing interest rates affecting performance? The factors I see that might influence this are, in order of importance:

• Presumably WACR will have to rise, depressing valuations and portfolio NTA? 
• relatively low gearing will mean interest cover should remain at a high multiple, but still servicing costs will increase
• REITs traditionally have been thought of as safe plays in a high interest environment as the can pass on costs to tenants.

Lastly, and a little left field, is the issue of solar installations on the roofs. The payback period has reduced to about 6 years using purely cost vs energy generation. However, with the rise of ESG credentialling and ESG funds, companies will be preferentialling looking to use facilities that tick the box. These will attract a premium rent.

The other option is leasing out the rooftops to specialist solar companies. A friend who lives in Singapore does this for a living. 

So it is much like having a mobile tower or advertising on your roof: another investment stream. Industrial properties have a lot of flat space exposed to the sun...

Have been hoping for a cheaper entry point for a few months now. But recent announcement means I will probably have to come to a decision.

Seems to be well run, not too demanding valuation for a REIT and reasonably leveraged. All the occupancy and WALE numbers are solid. I'll have to do some research around cold storage.

I was primarily interested as a way to get cheap exposure to the increase in ecommerce: warehousing and delivery. All these Kogans, Amazons and the like are going to need somewhere to sort all those boxes out. Seems that isnt the way they have chosen to go.... Maybe Amcor would be a better option: they're going to need a lot of boxes!