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GROWTHPOINT PROPERTIES AUSTRALIA — Capital/Financing Update 2009
Mar 4, 2009
65007_rns_2009-03-04_fcf8e080-7cdd-43cf-892f-9959115bad54.pdf
Capital/Financing Update
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5 March 2009
ASX ANNOUNCEMENT ORCHARD INDUSTRIAL PROPERTY FUND (ASX Code: OIF)
Sale of 26 William Angliss Drive, Laverton North VIC
The Orchard Industrial Property Fund (the Fund) has entered into a contract of sale for 26 William Angliss Drive, Laverton North in Victoria at a price of $3.60 million. The settlement period is 60 days. The property was sold off-market to a private investor through agency CB Richard Ellis.
The sale is viewed as a positive for the Fund, with the sale price above the 31 December 2008 valuation of $3.58 million.
The property comprises a modern industrial facility of 3,939 square metres on land of 10,000 square metres, within the William Angliss Industrial Estate in western Melbourne. It is leased to the Commonwealth Government to 30 June 2013.
Head of Funds Management and Fund Manager, Tim Collyer commented, “This is a smaller, non-core property of the Fund, but was attractive to a private investor. The strategy of selling non-core assets (four of which have been sold since listing) will continue in 2009 as private investor demand is strengthening and interest rates are at historic lows.”
Proceeds from the sale will be used to reduce debt.
Timothy Collyer
Head of Funds Management and Fund Manager
Further information
For further information, please call Orchard Investor and Adviser Services on 1800 008 494.
About the Orchard Industrial Property Fund
The Orchard Industrial Property Fund is a publicly traded ASX listed property trust that specialises in the investment of industrial property. It currently owns interests in a diversified portfolio of 25 industrial properties throughout Australia, with a total market value of approximately $750 million. The Responsible Entity for the Fund is Orchard Property Limited, a subsidiary of Orchard Funds Management.
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