LDR Capital completes $103.7M asset sales
Key points
- LDR Capital completed four asset sales to generate $103.7 million in net sales proceeds.
- The transactions reduced the fund's pro forma gearing level to 30.8%.
- Proceeds from further planned sales will focus on lowering debt and backing sustainable distributions.
LDR Capital Property Fund (ASX:LED) settled four asset sales to secure $103.7 million in net proceeds and lower its debt.
The completed sales helped reduce the fund's pro forma gearing to 30.8% from 42.6% reported at June 30.
“Our priorities remain clear: progressing further asset recycling, refinancing the Fund’s debt facilities and positioning LED to pursue investment opportunities that align with our strategy of owning essential properties that generate enduring cash flows,” said LDR Capital Managing Director and Fund Manager Ryan Pittman.
The fund maintained post-settlement net tangible assets at $0.58 per security and reaffirmed its FY27 distribution guidance of 1.5 cents per security.
Following the announcement, the LDR Capital Property Fund share price was unchanged at $0.35.
Management stated its immediate priority is progressing the sale of 200 Adelaide Street and exiting its Harris Street Fund equity stake.
The fund reported a portfolio occupancy rate of 95.7% and signed 3,071sqm of new leases since August.
