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 presents the Market Outlook/Market at Midday and the Market wrap. She also presents ASX company news and interview CEOs. She joined FNN in January 2017. She has been in broadcast journalism for over six years. She has worked as a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She has also worked in regional Australia for Prime 7 and WIN News. She has also worked as a qualified financial planner.