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BEACON LIGHTING GROUP LIMITED — Capital/Financing Update 2020
Dec 20, 2020
64534_rns_2020-12-20_adc1064c-4fea-4960-b214-9b34ecf4e838.pdf
Capital/Financing Update
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ASX Announcement
21 December 2020
Beacon Commercial Property Acquisition
Beacon Lighting Group Limited (ASX: BLX) is pleased to announce that through its 50% ownership in the Beacon Commercial Property Fund (Fund) and its 50% partnership with Rebeach Pty Ltd, a new subfund has been set up and a second property acquired.
The Beacon Commercial Property Subfund (Argyle Street) has been set up as a subfund of the Fund to purchase, develop and lease the property of 73 Argyle Street, Traralgon, VIC 3844. The property is on a prominent street corner and a part of the Traralgon Large Format Retail precinct. The land is 1,055m² and the building to be constructed will incorporate part of an existing building, a total of 962m². The purchase of the land and the existing building occurred today for $1.60 million plus stamp duty.
The construction of the new Beacon Lighting store will begin in early 2021 with the new Traralgon store opening in the second half of 2021. The construction costs of the new store are expected to be in the region of $1.52 million. The 50% contribution by the Beacon Lighting Group inclusive of acquisition costs, stamp duty and development costs are expected to be in the order of $1.65 million. No new debt has been used for the acquisition, which has been funded from existing cash resources and debt facilities.
Glen Robinson, the Beacon Lighting Group Chief Executive Officer said “that the acquisition of the Traralgon property provides an exciting new opportunity for the Beacon Lighting Group to open a new store in a new market and to become a part of the Traralgon community. Ownership of the store continues to reduce the exposure of rental increases from third parties and builds the property assets for the Group and shareholders”.
Further Information
For further information please contact:
Glen Robinson or David Speirs Chief Executive Officer Chief Financial Officer Beacon Lighting Beacon Lighting Ph: +61 3 8561 1555 Ph: +61 3 8561 1555
This update was authorised to be released to the ASX by the Beacon Lighting Group Board of Directors.
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