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Company News Summary

Growthpoint Properties Australia Acquires 18.2% Interest in Industria REIT

11 Jul 2017  |  18:32:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Growthpoint acquisition of stake in IDR

Growthpoint Properties Australia announced that it has acquired an 18.2% interest in Industria REIT for $68.1m, representing $2.30 per IDR security. The acquisition was funded from undrawn debt facilities. The majority of IDR's assets are complementary to the Company's being largely modern with long weighted average lease terms to quality tenants. Based on IDR management guidance provided on 13 June 2017, the investment in IDR reflects an FY17 FFO yield of 7.9% for the Company.

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