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GARDA Property (ASX:GDF) - Managing Director, Matthew Madsen
Managing Director, Matthew Madsen
Source: Finance News Network
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  • GARDA Property Group (GDF) has executed unconditional contracts to acquire three industrial development properties in Brisbane for $30 million
  • The acquisitions will add 128,000 sqm of possible built form for GFA, trebling its existing industrial development pipeline of 44,309 sqm
  • GRADA grabbed a site on Boundary Road, North Lakes which encompasses 32.38 hectares of land which was purchased for $16 million delivering possible built form GFA of approximately 98,000 sqm
  • The aim is to establish a master-planned business industrial park with dedicated precincts that facilitate the creation of premises for small, medium, and large customers
  • Garda Property Group is up 2.04 per cent, trading at $1.25 per share

GARDA Property Group (GDF) has executed unconditional contracts to acquire three industrial development properties in Brisbane for $30 million.

The acquisitions will add 128,000 sqm of possible built form for GFA, trebling its existing industrial development pipeline of 44,309 sqm.

GRADA said the acquisitions will be funded from available debt facilities and proposed debt facility increases following recent property revaluations.

“Following settlement of these acquisitions, 52 per cent of GARDA’s property portfolio by value will comprise high quality industrial properties in attractive locations,” GARDA executive chairman Matthew Madsen said.

“This proportion will increase as our 172,000m sqm industrial pipeline is built out,” he concluded.

GRADA grabbed a site on Boundary Road, North Lakes which encompasses 32.38 hectares of land which was purchased for $16 million delivering possible built form GFA of approximately 98,000 sqm.

The aim is to establish a master-planned business industrial park with dedicated precincts that facilitate the creation of premises for small, medium, and large customers.

Following the settlement, it is expected to take about 12 months to finalise town plans and related permits, followed by another 12 months to complete bulk earthworks and initial civil works.

Another site is on Progress Road, Wacol which amounts to 41,250 sqm of land acquired for $7.2 million delivering possible built form pipeline GFA of approximately 17,000 sqm.

The site’s development approval is expected in the first half of 2022, with civil works finished in the second and third halves.

A property on Bandara Street, Richlands was also aqquired, which enjoys 30,351 sqm of land acquired for $6.8 million delivering possible built form GFA of approximately 13,000 sqm.

Bandara Street is currently undergoing substantial growth, with 40,000 sqm of industrial buildings being built.

In announcing the new acquisitions, the company reconfirmed its FY 21 distribution and payout ratio guidance of 7.2 cents per security, representing 95 per cent to 100 per cent of FY 21 funds from operations.

Garda Property Group is up 2.04 per cent, trading at $1.25 per share at 1:28 pm AEST.

GDF by the numbers
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