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GARDA PROPERTY GROUP — Capital/Financing Update 2023
Oct 4, 2023
64972_rns_2023-10-04_981cd079-f969-47b9-b5e3-fa4f8c2aa4f1.pdf
Capital/Financing Update
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GARDA Property Group
Level 21, 12 Creek Street W gardaproperty.com.au Brisbane QLD 4000 E [email protected] GPO Box 5270 P +61 7 3002 5300 Brisbane QLD 4001
5 October 2023
MEDIA COMMENTRAY – BOTANICCA 7 AND 9 OFFICE SALES
GARDA Property Group ( GARDA ) notes recent media commentary regarding the sale of the Botanicca 7 and 9 office properties located in Melbourne.
In the most recent 30 June 2023 financial report, both properties were ‘assets held for sale’ with an independent book value of $110.5 million.
GARDA confirms it has entered into a binding heads of agreement with a Sentinel Property Group entity to sell both properties for a total consideration of $80.0 million.
The transaction is highly conditional on a number of matters outside the control of GARDA, including successful completion of due diligence, capital raising and finance.
Should a transaction proceed, settlement could occur in late December 2023 with net sale proceeds applied to the partial repayment of drawn variable debt facilities.
GARDA notes the current ASX security price of $1.09 represents a 44% discount to 30 June 2023 NTA of $1.96 per security.
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Authorised for release by: Matthew Madsen (Executive Chairman)
For more information please contact:
Paul Brown
Head of Treasury and Investor Relations GARDA Property Group Phone: 07 3002 5362 [email protected]
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