360 Capital Investment Management Limited as Responsible Entity for the 360 Capital Industrial Fund (Fund or ASX code:“TIX”) announces its intention to undertake an on- market buy-back of up to 5% of the Fund’s issued capital.
The Responsible Entity considers that TIX is undervalued by the market and that conditions in the industrial market are strong. The buy-back provides the Fund with an opportunity to invest in its own quality portfolio of industrial properties at a return far superior to that which can currently be achieved in the direct market.
The buy-back will initially be funded through available cash and a draw down on the Fund’s existing debt facility. During and after the buy-back, the Fund’s LVR is expected to remain within the stated target range of 40% to 50%, with any increase offset with the application of proceeds from forecast asset sales.
The proposed buy-back is not a departure from the Fund’s strategy of continuing to focus on earnings and distribution growth by pursuing suitable acquisition opportunities and driving the operational performance of its existing portfolio.
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