GDI Property Group to acquire 17 metropolitan Perth properties

  • Nov 14, 2019 AEDT
  • Team Kalkine

GDI Property Group (ASX: GDI) has entered in to a call option to acquire a $98.0 million portfolio of 17 metropolitan Perth properties occupied by high profile car dealerships and service centres located on major arterial roads.

  • The Portfolio is fully leased for approximately 11 years, with the tenant having 5 x 5-year options.
  • The leases have annual CPI + 1% rental increases, with market reviews in 2023 and 2028.
  • The company intends to fund the acquisition through the establishment of a new unlisted unregistered managed investment scheme, GDI No. 46 Property Trust.
  • GDI forecast to have a commencing distribution yield of 7.75% p.a, with conservative gearing of 31%.
  • The acquisition settlement to take place around 17 January 2020.
  • GDI Property is expected to launch approximately $76 million public raising for the Trust.


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