AI assistant
GARDA PROPERTY GROUP — Capital/Financing Update 2019
Jul 4, 2019
64972_rns_2019-07-04_06b2210f-bb6c-4fcd-9d99-2b90992510dc.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX Announcement / Media Release
GARDA Diversified Property Fund (GDF)
==> picture [173 x 37] intentionally omitted <==
5 July 2019
Acquisitions Settlement – Acacia Ridge and Archerfield Portfolio
Further to the ASX announcement dated 24 June 2019, GARDA Capital Limited ( GARDA ) as responsible entity of GARDA Diversified Property Fund ( GDF or Fund ) has today settled on the acquisitions of the industrial property assets (the Portfolio ) for a total consideration of $31.0 million plus costs.
The Portfolio consists of three neighbouring transport orientated warehouse properties bordering the Acacia Ridge Intermodal Rail Terminal and a further mature warehouse asset on Beaudesert Road, Archerfield, providing GDF with a further 21,195m² of net lettable area and a total land area of 7.6 hectares.
| Property | Valuation ($) | NLA (m²) | Site Area (m²) | Fully Let NetIncome ($m) |
|---|---|---|---|---|
| 38 Peterkin Street, Acacia Ridge | 6,000,000 | 4,465 | 17,890 | 0.5 |
| 56 Peterkin Street, Acacia Ridge | 7,150,000 | 4,794 | 16,385 | 0.5 |
| 69 Peterkin Street, Acacia Ridge | 11,900,000 | 7,412 | 27,130 | 0.9 |
| 839 Beaudesert Rd, Archerfield | 5,950,000 | 4,524 | 15,000 | 0.5 |
| Portfolio | 31,000,000 | 21,195 | 76,405 | 2.4 |
All assets are considered to be near term, brownfield redevelopment assets. Two of the assets (56 & 69 Peterkin Street, Acacia Ridge) are currently vacant enabling immediate refurbishment or full redevelopment.
Following the successful sale of Murarrie for $17.3 million, a 17% premium to book value, the acquisition of the Portfolio has been funded via the application of recycled capital from the Murarrie sale, existing GDF debt facilities and a placement of 4.4 million GDF fully paid ordinary units[1] at $1.36 per unit to the vendors for total consideration of $6.0 million.
GARDA has arranged a new $13.95 million debt facility with St. George Bank secured against the Portfolio. Total debt facilities available to the Fund now totals $162.3 million and are currently drawn to $138.0 million, representing a loan to value ratio (LVR) of approximately 38%.
-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 GDF fully paid ordinary units rank equally with all other GDF units. The issue of 4.4 million GDF units does not require unitholder approval.
Level 21, 12 Creek Street, Brisbane QLD 4000[| ] GPO Box 5270, Brisbane QLD 4001
P. (07) 3002 5300[|] F. (07) 3002 5311[|] [email protected]
==> picture [472 x 45] intentionally omitted <==
About GARDA Diversified Property Fund (ARSN 104 391 273)
GDF is an ASX listed real estate investment trust (REIT) which invests in commercial offices and industrial facilities along the eastern seaboard of Australia. GDF’s property portfolio of sixteen assets is independently valued at $363 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 13.4% 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]