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.