GARDA to buy Metroplex Westgate Industrial Facility

Company News

by Jessica Amir

GARDA Diversified Property Fund (ASX:GDF) has signed unconditional contracts to buy an industrial business park, the Metroplex Westgate Industrial Facility in Queensland for $35.25 million.

The property portfolio operated by GARDA Capital Group (ASX:GDF), signed the contracts to buy the 90 hectare Brisbane estate from GPT Group (ASX:GPT) and Metroplex.

GARDA says the property will have an initial yield of 6.25 per cent, while Volvo Group Australia pre-committed to a 10 year lease at the site, for what will be their new Australian head office.

Settlement of the land is expected in October 2017, while construction should be completed in June 2018.

The fund expects its FY2017 full year distribution guidance will be 9.4 cents per unit.

Shares in GARDA Diversified Property Fund (ASX:GDF) last traded flat at $1.09.
 

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