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GARDA PROPERTY GROUP — Capital/Financing Update 2017
Jun 4, 2017
64972_rns_2017-06-04_af9cd21a-5888-4908-8d4e-e83261b28a18.pdf
Capital/Financing Update
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ASX Announcement / Media Release
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GARDA Diversified Property Fund (GDF)
5 June 2017
Divestment of 12-14 The Circuit, Eagle Farm, QLD
Following a recent expressions of interest campaign, GARDA Capital Limited ( GARDA ) as responsible entity of GARDA Diversified Property Fund ( Fund ) is pleased to announce it has exchanged unconditional contracts to sell the property located at 12-14 The Circuit, Eagle Farm ( CASA Building ). The sale price of $23 million represents a 2.7% premium to the last independent valuation of $22.4 million and is due to settle on or around Friday 9 June 2017.
The CASA Building is currently 100% leased to the Australian government represented by the Civil Aviation Safety Authority, with a weighted average lease expiry (WALE) by income of 2.4 years, at 1 July 2017.
The net sale proceeds will be used to retire existing Fund debt, reducing the loan to value ratio of the Fund to 25%. GARDA is constantly considering and reviewing possible acquisitions for the Fund. Upon settlement of the CASA Building, the Fund will have acquisition capacity of up to $55 million.
Following the sale, Fund occupancy will be 92% and demonstrate a WALE of 3.6 years, effective at 1 July 2017.
GARDA reiterates FY2017 full year distribution guidance of 9.4 cents per unit at an approximate payout ratio of 95%.
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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]
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 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]