APN Industria REIT Acquires 10 Brandl St

  • Oct 15, 2019 AEDT
  • Team Kalkine

APN Funds Management Limited (APN) (ASX:ADI) which operates as a responsible entity manager of APN Indstria REIT announced the acquisition of 10 Brandl ST for $10.0 million.

The asset has been acquired on the cap rate of 8.25 per cent that includes income support for 15 months which is equivalent to 9.0 per cent initial yield. This will not be recognised as part of funds from operation due to temporary nature of income support.

The deal settlement is expected in late October. Gearing is anticipated to rise ~ 33 per cent, which is toward the bottom end of the funds 30 per cent to 40 per cent target gearing band.

At AEST (12:51 PM), the stock was trading at $3.000, up by 0.334 per cent from the previous close.

 

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