APN Funds Management buys Queensland warehouse

Company News

by Rachael Jones

APN Funds Management (ASX:ADI), as Responsible Entity and Manager of APN Industria REIT is pleased to announce the acquisition of Queensland warehouse for $18.34 million, representing an initial yield of 8 per cent.

The property is occupied by Vesco Foods for a remaining term of 9.4 years, and benefits from annual reviews of 3.5 per cent or CPI (whichever is higher), and a triple-net lease structure (excluding land tax).

Vesco was founded in 1974 and is a leading manufacturer of ready-made meals.

Brands it owns or licences include Lean Cuisine, On the Menu, Super Natural and Annabel Karmel; and its key clients include Woolworths, Coles, IGA, Aldi, a variety of restaurant chains, as well as food-service companies.

Shares in APN Funds Management (ASX:ADI) are trading 1.04 per cent higher at $2.91.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.