Growthpoint Properties snaps up industrial portfolio at Perth Airport

Company News

by Jessica Amir

Growthpoint Properties Australia (ASX:GOZ) has exchanged contracts to buy 4 modern industrial warehouses at Perth Airport for $46 million.

The real estate investment trust says the properties will provide an initial passing yield of 8.13 per cent.

The Perth Airport warehouses are fully leased to 7 tenants, with a weighted average lease expiry of 6.4 years (as at June 2017).

Settlement will occur in about 30 business days and will be initially funded from undrawn debt, while proceeds from any potential property sales will be used to repay the debt.

Shares in Growthpoint Properties Australia last traded 1.3 per cent higher to $3.12.

 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.