APN Industria REIT (ASX:ADI) is set to buy three properties at Adelaide Airport

Company News

by Rachael Jones

APN Industria REIT (ASX:ADI) is set to acquire three properties at Adelaide Airport and a large warehouse in Stapylton in Queensland.

The three warehouses in Adelaide will be bought for $29.6 million and the Queensland property for $62.5 million.

The company will raise $35 million through an institutional placement to help fund the acquisitions.

They will generate a blended initial yield of 7.2 per cent benefit from average annual rent reviews of 2.9 per cent with a 3.1 year weighted average lease expiry providing opportunities over the medium term.

Shares in APN Industria REIT (ASX:ADI) Trading Halt - Last traded at $2.95.