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Growthpoint Properties Australia sells Perth asset for $267M
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Growthpoint Properties Australia sells Perth asset for $267M

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  • Growthpoint Properties Australia agreed to sell its Woolworths distribution centre at 20 Colquhoun Road in Perth Airport for $267.7 million to Hesperia.
  • Following the announcement, the Growthpoint Properties Australia share price was up at $2.24.
  • The company stated that the divestment forms part of its ongoing capital recycling programme to manage capital efficiently.

Growthpoint Properties Australia (ASX:GOZ) entered an agreement to divest a distribution centre for a gross consideration of $267.7 million.

The leasehold asset was originally part of the company's seed portfolio in 2009 and was valued at $101.6 million.

"This transaction demonstrates the value we create through active asset management," said Growthpoint Properties Australia CEO and Managing Director Ross Lees.

Net proceeds from the settlement are stated to lower pro forma gearing by approximately 4%.

Following the announcement, the Growthpoint Properties Australia share price was up at $2.24.

The business operates as a real estate investment trust holding industrial and office properties across Australia.

The group manages its portfolio through active capital recycling and ongoing property developments.

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