APN Convenience REIT (ASX:APN) spends $10.2m on Coles Express

Company News

by Rachael Jones

APN Convenience REIT (ASX:APN) has acquired two Coles Express service stations, with the $10.2 million of acquisitions lifting its portfolio value to $425 million.

They agreed to acquire Coles Express in Gatton, QLD and Coles Express Inverell, NSW representing a capitalisation rate of 6.5 per cent.

There is no change to previously advised FY2020 distribution guidance of 21.8 cents per security and FFO guidance of 21.5 – 21.8 cents per security.

Gatton and Inverell, are 100 per cent leased to Coles Express and have a combined weighted average lease expiry of 8.3 years.

In addition to the acquisitions of Gatton and Inverell, the Fund is also pleased to announce the recent completion of four fund-through development projects totalling $19.8 million.

Shares in APN Convenience REIT (ASX:APN) are trading 0.3 per cent higher at $3.31.

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