Newmark Property REIT (ASX : NPR) completed the acquisition of Large Format Retail property in Brisbane, Queensland.
December 30, 2022
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Newmark Property REIT (ASX : NPR) agreed to acquire Large Format Retail property in Brisbane, Queensland for AUD 57 million on July 8, 2022. The property comprises four buildings with a combined lettable area of 11,115 m2, featuring a strong tenant mix that includes quality national retailers such as Officeworks, Supercheap Auto and Sydney Tools. The acquisition will be funded via NPR?s existing debt facility. The acquisition of the Property will increase the NPR portfolio to 9 properties enhancing the portfolio?s geographic diversity and increasing NPR?s exposure to Queensland from 13% to 21%. The transaction is subject to settlement relating to tenancy handover and satisfaction of development approval conditions, which may be waived in NRML?s discretion. The closing of the transaction is expected to occur in early September 2022. The transaction is expected to be accretive to NPR?s FFO immediately post settlement. The acquisition is not expected to impact on NPR?s previously published distribution guidance, based on current information and barring any unforeseen circumstances. As of September 16, 2022, Newmark Property REIT advises that settlement of the transaction will not occur in September 2022 due to the extent of the damage, the impact on tenants and other related matters that remain uncertain.
Newmark Property REIT (ASX : NPR) completed the acquisition of Large Format Retail property in Brisbane, Queensland in December 2022.
Newmark Property REIT is an Australia-based real estate investment trust. The Company's principal activities include investment in commercial real estate properties that comprise large format retail (LFR) sites in metropolitan, urban center, and regional locations along the eastern seaboard of Australia. The Company comprises of the Newmark Hardware Trust (Hardware Trust) and the Newmark Capital (Chadstone) Property Trust (Chadstone Trust). Its investment objective is to provide investors with exposure to a quality and defensive portfolio that targets sustainable and growing income. It offers investors access to Australian hardware and LFR properties leased mainly to Wesfarmers subsidiary, Bunnings. Its property portfolio consists of 18 properties. Its properties include 64-74 Bell Street, 675 Warrigal Road, Corner Queen Street and Hazel Drive, Corner Melton Highway and 64 High Street, 140-148 Denison Street, 70-98 Dalton Drive, Corner Lindsay, and Goderich Streets.