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GDI Property Group Advises on Satisfaction of Conditions

10 Oct 2017  |  15:20:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Satisfaction of conditions precedent - 6 Sunray Dr, Innaloo

GDI Property Group announced that the conditions precedent in the Sale and Purchase Agreement relating to the acquisition of 6 Sunray Drive, Innaloo, Perth, have been satisfied. The Property, home to IKEA's only Perth store, is being purchased for $143.5m on a passing yield of 7.8% p.a. and has a weighted average lease expiry of over 5 years. The IKEA retail store lease expires in February 2023, with IKEA having three five year options. Should IKEA choose not to exercise its option in February 2023, or at the other two option dates, the Company believes there is underlying land value on an alternate use basis. The Company intends to fund the acquisition through a new unlisted, unregistered, managed investment scheme, GDI No. 43 Property Trust.

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