Growthpoint Properties Australia is seeking to acquire 14.74 per cent of new securities for the APN Industria REIT (ADI).
The outlay – worth $50.87 million – will see Growthpoint maintain its 14.5pc holding in the trust.
ADI recently launched a capital raising to purchase 51 industrial properties and development sites with Dexus.
“We are pleased to invest further capital into ADI, maintaining our strategic position as a major securityholder,” Growthpoint managing director Timothy Collyer said.
“The group has held a significant holding in ADI since 2017 and is pleased with how ADI has performed over this period, returning an ungeared internal rate of return of approximately 19.8pc,” he added (story continues below).
“This transaction further strengthens ADI’s portfolio, substantially increasing its exposure to high quality industrial assets and providing attractive development opportunities,” according to the executive.
Following settlement of the shares – expected to occur on October 6 – Growthpoint will have exposure to Australian industrial assets worth c$1.6 billion.
“This includes our $1.5b industrial portfolio which has a weighted average capitalisation rate of 5.2pc, high occupancy of 98pc and a Weighted Average Lease Expiry of 4.7 years,” Mr Collyer said.
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