Total
0
Shares
Garda Property Group (ASX:GDF) - Managing Director, Matthew Madsen
Managing Director, Matthew Madsen
Source: Finance News Network
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Garda Property Group (GDF) has settled the $7 million sale of its Archerfield property
  • The sale was at a 12.9 per cent premium to what the property was valued at during an independent appraisal
  • Meanwhile, the sale of Garda’s Lytton and Varsity Lakes properties is expected to settle in May 2021
  • Proceeds from these three transactions will fund the company’s debt reduction and industrial development pipeline
  • Garda Property Group is up 0.43 per cent and trading at $1.16 per share

Garda Property Group (GDF) has settled the $7 million sale of its Archerfield property.

During the company’s 2021 half-year results presentation in February, Garda Property announced that it had three non-core assets up for divestment. Last week on April 8, the company announced that the sale one of those assets, the Archerfield property, was unconditional for $7 million and due for settlement in mid-April.

At $7 million, the price for Archerfield represents a 12.9 per cent premium on what the property was valued at during an independent appraisal. 

The other two non-core assets that were up for sale are the Lytton and Varsity Lakes properties. 

The Lytton asset is already under contract for $11 million, a 26.1 per cent premium on its independent valuation price. Settlement of the Lytton sale transaction is expected to occur by the end of May 2021. 

The Varsity Lakes property is also unconditional for $12.6 million, a 5 per cent premium on its independent valuation price. Settlement of its sale transaction should take place by no later than May 11, 2021. 

The combined proceeds from the sale of these three non-core assets will initially help reduce Garda’s debt. However, some of the funds will inevitably be reallocated to the company’s industrial development pipeline.

This will see funds going towards completing Building C at Wacol, which is due by the end of May. Some proceeds may also be put towards the first stage of 69 Peterkin Street in Acacia Ridge.

Garda Property Group is up 0.43 per cent, trading at $1.16 per share at 3:17 pm AEST.

GDF by the numbers
More From The Market Herald

" Finbar (ASX:FRI) gets approval for Garden Towers JV project

Western Australian apartment developer Finbar Group (FRI) has achieved complex approval for its proposed Garden Towers joint venture apartment development on the eastern
The Agency Group Australia (ASX:AU1) - Managing Director, Paul Niardone

" The Agency Group Australia (ASX:AU1) awarded over $212,000 in court win against MCL 105

The Agency Group Australia (AU1), after being successful in the Federal Court in its defence in the case against MCL 105, has received

" Linkcity launches first Australian development project, a hyrbid timber structure

The Hybrid – South Sydney is Linkcity’s first development project in Australia and promises to usher in a new level of sustainability.

" Baulkham Hills child care site up for grabs amid investor interest

Child care institution First Grammar Baulkham Hills has come onto the market, as demographics and rising utilisation rates continue to pique investor interest