Growthpoint to buy Perth office block for $91.3m

Company News

by Anna Napoli

Growthpoint Properties (ASX:GOZ) has entered into transaction documents for the acquisition of 836 Wellington Street West Perth for over $91 million.

The real estate investment trust company said the purchase price reflects a market yield of 6.25 per cent.

The property is 100 per cent leased to the Commonwealth of Australia with a remaining lease term of 8.3 years and annual rent reviews of 3.75 per cent.

Growthpoint’s Managing Director, Timothy Collyer said the acquisition of the A-Grade building adds to the company’s growing portfolio, which is now valued at $2.25 billion.

Shares in Growthpoint (ASX:GOZ) are trading 0.14 higher to $3.67.