Elanor Retail Property Fund acquires Gladstone Square

Company News

by Roma Christian

Elanor Retail Property Fund (ASX:ERF) has announced it has exchanged contracts to acquire Queensland based Gladstone Square Shopping Centre, for $31.5 million.

The real estate investment fund says settlement is expected to occur on 27 June 2017.

Elanor Retail Property Fund says the centre includes an extensively refurbished and expanded Woolworths supermarket, with a new 20 year lease.

The company says the acquisition of Gladstone square will increase its portfolio to six shopping centres, and a value of $275 million.

Shares in Elanor Retail Property Fund (ASX:ERF) last traded 0.76 per cent higher to $1.32.