APN Convenience Retail REIT (ASX:AQR) agrees to acquire Shell Bellevue

Company News

by Rachael Jones

APN Convenience Retail REIT (ASX:AQR) is pleased to announce that it has agreed to acquire Shell Bellevue, WA for $6.15 million.

This represents a purchase yield of 6.65 per cent.

Shell Bellevue was built in September 2018 and occupies a prime position eastbound on the Great Eastern Highway, one of Perth’s major feeder roads, which is exposed to over 40,000 vehicles daily and is well situated for those heading to the Midland Gate Shopping Centre and the Roe Highway interchange.

The site’s sole lease to Viva Energy Australia has 13 years remaining and annual rental increases of 3 per cent.

Settlement is expected before the end of October 2020.

Shares in APN Convenience Retail REIT (ASX:AQR) are trading flat at $3.80.