Australian property manager GPT has bought a logistics portfolio and an office building from Ascot Capital for A$681.7m (鈧�436m).
The industrial portfolio consists of 23 logistics facilities, mostly on Australia鈥檚 Eastern seaboard and lifts the ASX-listed company鈥檚 total logistics holdings to A$4.1bn. The office building is located in Canberra.
GPT鈥檚 CEO, Bob Johnston, said: 鈥淭he Ascot portfolio, with its 9-year WALE and strong tenant covenants, is a great addition to GPT鈥檚 existing A$3.5bn portfolio.鈥�
The acquisition would increase GPT鈥檚 investment portfolio weighting to the logistics sector to 26%, he said, progressing the group closer toward its medium-term target of approximately 30%.
鈥淕rowth in the sector will also be realised through GPT鈥檚 logistics development pipeline, with an expected end-value of approximately A$1.4bn.鈥�
GPT will fund the transaction with debt, which will take its pro forma 30 June gearing to 27.9% within GPT鈥檚 target gearing range of 25% to 35%.
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