Growthpoint Properties snaps up industrial portfolio at Perth Airport

Company News

by Jessica Amir

Growthpoint Properties Australia (ASX:GOZ) has exchanged contracts to buy 4 modern industrial warehouses at Perth Airport for $46 million.

The real estate investment trust says the properties will provide an initial passing yield of 8.13 per cent.

The Perth Airport warehouses are fully leased to 7 tenants, with a weighted average lease expiry of 6.4 years (as at June 2017).

Settlement will occur in about 30 business days and will be initially funded from undrawn debt, while proceeds from any potential property sales will be used to repay the debt.

Shares in Growthpoint Properties Australia last traded 1.3 per cent higher to $3.12.

 

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.