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.