Industria REIT sells 8.29% stake

Company News

Industria REIT (ASX:IDR) has sold an 8.29 percent stake to 360 Capital Total Return Fund.
The acquisition was completed for a total consideration of $20.5 million.
360 Capital Total Return Fund noted it considers Industria as undervalued at present. The fund forecasts returns of approximately 12 percent per annum over the short to medium term.
The company financed the acquisition of the real estate fund via existing cash reserves. 
Industria REIT reported a net profit of $22.7 million for FY15.