APN Convenience acquires Brisbane Airport Link Service Centre

APN Convenience Retail REIT (ASX:AQR) announced its intention to acquire Brisbane Airport Link Service Centre, QLD for $10.5 million which represents a purchase yield of 6.15%.

  • The newly built service centre is anchored by a 15-year lease to Ampol, which represents 78% of the centre’s income with remaining income drawn from Zarraffa’s Coffee and a local restaurant operator, Ahmet’s.
  • The acquisition of the centre is expected to occur before the end of August 2020 after which AQR’s portfolio will consist of 80 properties valued at roughly $455 million
  • The acquisition shall be funded from existing debt capacity, taking AQR’s gearing to 17% or 21% on a pro forma basis.

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