Real estate group Propertylink (ASX:PLG) has acquired a $48 million business park located in Lane Cove, a sought-after location in Sydney.
Propertylink has also agreed to acquire the adjoining 7,922 square metre vacant land for $8.6 million, with settlement expected in September next year.
The property has a capitalisation rate of 7.11 per cent.
The real estate company said the business park acquisition will enhance its portfolio and also provides an opportunity to drive value through the development of the adjoining land.
The company’s existing debt facility increased by $40 million to $340 million with an average ebt expirt increased to 4.1 years.
Shares in Propertylink (ASX:PLG) closed 1.11 per cent lower to $26.75.