APN Convenience REIT (ASX:APN) spends $10.2m on Coles Express

Company News

by Rachael Jones

APN Convenience REIT (ASX:APN) has acquired two Coles Express service stations, with the $10.2 million of acquisitions lifting its portfolio value to $425 million.

They agreed to acquire Coles Express in Gatton, QLD and Coles Express Inverell, NSW representing a capitalisation rate of 6.5 per cent.

There is no change to previously advised FY2020 distribution guidance of 21.8 cents per security and FFO guidance of 21.5 – 21.8 cents per security.

Gatton and Inverell, are 100 per cent leased to Coles Express and have a combined weighted average lease expiry of 8.3 years.

In addition to the acquisitions of Gatton and Inverell, the Fund is also pleased to announce the recent completion of four fund-through development projects totalling $19.8 million.

Shares in APN Convenience REIT (ASX:APN) are trading 0.3 per cent higher at $3.31.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.