The GPT Group has offloaded a Woolworths-anchored logistics property south of Brisbane for $65.52m.
Melbourne-based APN Industria REIT acquired the multi-tenanted property at 16-28 Quarry Road, Stapylton.
The 8.15ha site contains a modern office/warehouse building with a gross lettable area of 40,970sqm. The buildings, which were built in 2007, are fully occupied with 55 per cent leased to Woolworths (Endeavour Drinks), 30 per cent to AMES Australasia and 15 per cent by Gilders Transport.
The property was sold with a current net annual income of $3,716,111, fixed annual reviews and a 3.2 year weighted average lease expiry.
The acquisition has been funded by $35 million in equity provided by the Institutional Placement, with the balance drawn from existing and new debt facilities.
Alex Abell, Fund Manager of APN Industria REIT said: “The equity raising and acquisitions have been well supported by existing and new investors attracted by the 7.2% initial yield and APN’s track record of consistently delivering on its stated commitments.”
This acquisition, in conjunction with three industrial warehouses at Adelaide Airport, are anticipated to result in 5 – 6% FFO accretion on an annualised basis, and FY21 guidance is reiterated as:
- Funds From Operations (FFO) per stapled security 19.7 – 19.9 cents
- Distributions per stapled security 17.3 cents
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