Investa Office Fund ("IOF" or the "Fund"), today announces it has exchanged contracts to acquire 99 Walker St, North Sydney.
The 17,200 square metre A-grade office building will be acquired for $124.9 million, subject to post settlement adjustments for capex and transaction costs. The acquisition will generate a ~7.9% yield on cost and will be accretive to FY14 earnings. Funding will be from existing debt facilities and pro-forma gearing at settlement will be 29%.
Toby Phelps, Fund Manager of IOF said: “We’re very pleased at the addition of another value-add asset to our portfolio, which reflects our continued commitment to deliver on the strategy of repositioning our portfolio to focus on Australia.
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