Growthpoint Buys 18% of Listed Industria REIT; FVE Falls 2% to AUD 2.90
Growthpoint’s purchase of 18% of listed Industria REIT for AUD 68 million is minor in the context of Growthpoint’s AUD 3.1 billion portfolio. Nonetheless, the acquisition is highly accretive in the near term, given that it is entirely funded by low-cost debt. The purchase price of AUD 2.30 per Industria security represents a fiscal 2017 funds from operations, or FFO, yield of 7.9%, materially higher than Growthpoint’s most recently advised average cost of debt of 4.1% at December 2016. However, ...Growthpoint Properties Australia is engaged in property investments, focusing on Australian property in the industrial, office and retail sectors. As of June 30 2016, Co.'s industrial portfolio had 38 properties with a total lettable area of 874,156 square meters and Co.'s office portfolio had 20 properties with a total lettable area of 235,389 square meters.
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