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GARDA PROPERTY GROUP — Capital/Financing Update 2017
Aug 7, 2017
64972_rns_2017-08-07_070345b0-8d39-46d0-bc79-50aab6637ffd.pdf
Capital/Financing Update
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ASX Announcement / Media Release
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GARDA Diversified Property Fund (GDF)
8 August 2018
GDF Leasing Update
GARDA Capital Limited ( GARDA ) as responsible entity of GARDA Diversified Property Fund ( Fund ) is pleased to provide investors with a leasing update.
In a significant outcome for the Fund’s property located at 572-576 Swan Street, Richmond, VIC, sitting tenant Golder Associates has agreed to new terms across 3,155m² of lettable space for a further period of 7 years, through to 31 January 2025.
As part of the renewal, Golder Associates will hand back one level totalling 1,595m² however will continue to occupy the space under their current terms until expiry on 31 January 2018. GARDA is actively seeking a new tenant for the available floor and anticipates the space will be highly sought after given the low vacancy rates experienced in the city fringe market (currently 3.5%) and the resurgent leasing demand in Richmond.
The property is currently 100% occupied (by income) and has a WALE (by income) of 5.4 years[1] with the portfolio WALE (by income) increasing to 5.6 years[2] .
Since the beginning of the 2017 financial year, lease expiry for FY2018 has reduced from 27% to 11%.
An overview of recent leasing is summarised in the table below:
| Property | Term(years) | Rent**Review ** | ||||
|---|---|---|---|---|---|---|
| Tenant | NLA (m²) | Start Date | Leasing Type | |||
| Richmond | Golder Associates | 3,155 | 7 | 01/02/2018 | 3.50% | Renewal |
| Box Hill | Planet Innovation | 2,003 | 6 | 01/06/2017 | 4.00% | New leasing to existing tenant |
| Cairns | Grant Thornton | 1,393 | 2 | 01/11/2017 | 4.00% | Renewal |
| Lytton | Kuehne & Nagel | 2,200 | 2 | 01/01/2017 | 3.00% | Renewal |
| Murarrie | CQMS Razer | 477 | 3 | 15/06/2017 | 3.50% | New leasing to new tenant |
-Ends-
For more information please contact:
| Matthew Madsen | Paul Brown |
|---|---|
| Executive Chairman | Manager, Investor Relations |
| GARDA Capital Group | GARDA Capital Group |
| Phone: 07 3002 5300 | Phone: 07 3002 5362 |
| [email protected] | [email protected] |
1 Richmond Weighted Average Lease Expiry by income as at 1 July 2017.
2 Fund Weighted Average Lease Expiry by income as at 1 July 2017.
Level 21, 12 Creek Street, Brisbane QLD 4000[| ] GPO Box 5270, Brisbane QLD 4001
P. (07) 3002 5300[|] F. (07) 3002 5311[|] [email protected]
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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 nine established property assets independently valued at $233 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 9% 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]