APN Property Group
(ASX:APD) has formally announced its unit holders of the APN Property Plus Portfolio overwhelmingly voted in favour of the formation of Convenience Retail REIT.
The real estate investment manager says the Convenience Retail REIT will commence trading on 27 July 2017 with the ticker code of CRR.
APN and funds managed by APN Funds management will own 15.4 per cent of the fund upon listing.
The funds owns 66 service station and convenience retail assets valued at $308 million. The occupancy rate is 99.4 per cent.
The company says the new REIT provides investors with a defensive cash flow profile and significant growth potential, through the partnership with Puma Energy, amongst other opportunities.
Shares in APN Property Group
(ASX:APD) last traded flat at $0.41.
