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Growthpoint revises guidance, completes A$46M Australian portfolio buy

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Growthpoint revises guidance, completes A$46M Australian portfolio buy

Growthpoint Properties Australia revised its fiscal year 2018 guidance for funds from operations to a minimum of 24.3 Australian cents per share from at least 23.6 cents per share, representing a 3.0% uplift.

It is also targeting distributions of 22.2 cents per share, with a 91.4% payout ratio as opposed to the 22.0 cents per share it expected to pay earlier that reflected a 93.2% payout.

The change in guidance comes on the back of its acquisition of an 18.2% interest in Industria REIT as well as the completion of the A$46 million purchase of an industrial portfolio at Perth Airport, Australia.

The portfolio comprises four modern industrial warehouses at Lot 11 and Lot 1, Part Lot 9 on Tarlton Crescent, and Lot 6 and Lot 7 on Hugh Edwards Drive.

The deal reflects an initial passing yield of 8.13% and raises the property count in the company's portfolio to 57, valued at A$3.2 billion in total.