APN Industria REIT (ASX:ADI) to buy Victorian car dealership land

Company News

by Rachael Jones

APN Industria REIT (ASX:ADI) has entered into a heads of agreement to acquire a Ford and Volkswagen service and sales dealership site in Epping Victoria for $28.8 million.

The property was constructed n 2010 and 2017 with an office, warehouse and showroom facilities.

The site coverage is 35 per cent, providing the potential for future development and value-add.

The high-performing facility is leased to Autopact, one of Australia’s largest dealership groups that generated revenue of over $1.2 billion in FY19.

They are looking to raise $27 million in a placement at $2.88 a security.

Shares in APN Industria REIT (ASX:ADI) last traded at $2.97.

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.