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GARDA PROPERTY GROUP — Capital/Financing Update 2016
Aug 25, 2016
64972_rns_2016-08-25_20151d42-2220-4d19-a7bd-1fa2a7f4b4cc.pdf
Capital/Financing Update
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ASX Announcement / Media Release
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GARDA Diversified Property Fund (GDF)
26 August 2016
Settlement of Acquisition and Leasing Update
GARDA Capital Limited as the responsible entity ( RE ) of GARDA Diversified Property Fund ( Fund or GDF ) has today settled the acquisition announced on 22 August of the Blackwoods Mackay industrial distribution facility for $29.5 million.
The property is leased to Wesfarmers subsidiary Blackwoods until 2029 providing the Fund with the benefit of a WALE in excess of 12 years.
The 13,843m² distribution facility was completed in late 2013 and is wholly leased to Blackwoods, established in 1878 and is now Australia’s dominant business to business supplier of industrial, engineering and workplace safety needs.
As a result of the acquisition the GARDA Diversified Property Fund portfolio now totals $183 million.
Senior Debt
The acquisition was fully debt funded from senior debt facilities with St. George Bank. The Fund now has $77.4 million of drawn senior debt from facilities totalling $83.6 million, with a loan to value ratio of 42% and interest cover of approximately 4.5 times.
Portfolio Overview
The impact of the acquisition on the portfolio is highlighted below:
| Metric | GDF at 30 June 2016 | GDF plus Mackay at 30 June 2016 |
|---|---|---|
| Portfolio Value ($) | $153.1m | $182.6m |
| WACR (%) | 8.35% | 8.13% |
| NLA (m²) | 44,914m² | 58,747m² |
| Occupancy | 92% | 93% |
| WALE | 2.91 years | 4.10 years |
Level 21, 12 Creek Street, Brisbane QLD 4000[| ] GPO Box 5270, Brisbane QLD 4001 P. (07) 3002 5300[|] F. (07) 3002 5311[|] [email protected]
www.gardacapital.com.au
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Leasing Update
The following table details recent leasing activity within the portfolio:
| Property | Tenant | NLA (m²) | Term (years) |
Start Date | Rent Review |
|---|---|---|---|---|---|
| Richmond | Fulton Hogan | 1,847 | 6 | 1/07/2016 | 3.50% |
| Varsity Lakes | QLD Police Service | 968 | 3 | 1/02/2017 | 4.00% |
| Murarrie | Automatic Data Processing | 204 | 5 | 1/03/2016 | 3.75% |
| Cairns | Cape Flattery Mines | 260 | 7 | 16/12/2015 | 3.50% |
| Cairns | Morgans Financial | 123 | 7 | 1/06/2016 | 3.50% |
| Cairns | Native Title Tribunal | 401 | 3 | 1/09/2016 | 3.50% |
| Cairns | Thomson Adsett | 87 | 3 | 1/08/2016 | 3.00% |
| Cairns | ARUP | 215 | 5 | 1/11/2016 | 3.50% |
| Cairns | QLD Government | 110 | 5 | 1/06/2016 | 3.00% |
| Cairns | QLD Government | 286 | 2 | 1/09/2015 | 4.00% |
-Ends-
For more information please contact:
| Matthew Madsen | Paul Brown |
|---|---|
| Managing Director | Manager, Investor Relations |
| GARDA Capital Limited | GARDA Capital Limited |
| Phone: 07 3002 5300 | Phone: 07 3002 5362 |
| [email protected] | [email protected] |
About GARDA Diversified Property Fund (ARSN 104 391 273)
GDF is an ASX listed real estate investment trust (REIT) which invests in commercial offices in city and suburban markets as well as industrial facilities along the eastern seaboard of Australia.
GDF currently holds eight established property assets independently valued at $183 million.
About GARDA Capital Limited
GARDA Capital Group is an ASX listed (ASX: GCM) real estate investment and funds management group. The GARDA Capital Group is co-invested in GDF holding a 10.7% stake.
GARDA Capital Limited is the responsible entity of GDF, is a member of the GARDA Capital Group and holds AFSL 246714 which permits it to act as the responsible entity for GDF.
Level 21, 12 Creek Street, Brisbane QLD 4000[| ] GPO Box 5270, Brisbane QLD 4001 P. (07) 3002 5300[|] F. (07) 3002 5311[|] [email protected]
www.gardacapital.com.au