Garda Property Group (ASX:GDF) sells Box Hill office building for $40.3M

GARDA Property Group (ASX:GDF) has entered an unconditional contract to sell 436 Elgar Road, Box Hill for $40.3M, representing a 5.9% initial yield and a 14% discount to book value of $47M.

Following the sale, GARDA says its pro-forma gearing reduces to 31.2%, and NTA per security reduces to $1.98.

The Group is also attempting to divest 67 Noosa Street, Heathwood and 1-9 Kellar St, Berrinba, which have a combined book value of approximately $32M.

It also says FY23 distribution guidance remains unchanged at approximately 110% FFO.