APN Funds Management Confirms Property Acquisitions

APN Funds Management Limited, as responsible entity for APN Convenience Retail REIT (ASX: AQR), has confirmed its decision to buy Coles Express Acacia Ridge, QLD (Acacia Ridge), Coles Express Moorooka, QLD (Moorooka) and Coles Express Cairns, QLD (Cairns) collectively for $27.5 million. Some details include:

  • Sites were all newly built between mid-2016 and the end of 2017
  • Over 90% of the income from the sites is securely leased to major tenants and rest of the rent is derived from local convenience retailers
  • These acquisitions together with the Brisbane Airport Link Service Centre acquisition in early July, take the AQR’s total acquisitions for FY2021 to $38 million

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