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Growthpoint Properties Australia Announces Perth Industrial Acquisition

13 Jul 2017  |  18:03:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Perth industrial acquisition- July 2017

Growthpoint Properties Australia announced that it has exchanged contracts for the acquisition of four adjoining 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 $46m, 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 31,954sqm and total land area of 57,617sqm. The purchase price is supported by an independent valuation of $46m prepared by JLL.

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