Growthpoint Properties Australia said transactions since its takeover of GPT Metro Office Fund amount to A$322.8 million, including two new agreements to sell assets in Queensland, Australia.

Specifically, Growthpoint entered a deal to offload the 1231-1241 Sandgate Road asset in Nundah to Centuria Capital Group for about A$106.3 million, reflecting a net initial yield on sale of 6.9%. The 12,980-square-meter office property was acquired in 2011 for A$77.9 million, and it is leased to Energex and Powerlink, among other tenants.

The other agreement, meanwhile, involves the sale of the 29 Business St. industrial facility in Yatala to a private investor for about A$10.7 million.

The divestment of the 8,680-square-meter Yatala asset was completed March 30, while the Sandgate agreement is expected to close in July. The sale prices were approximately 3% ahead of the assets' respective book value as at 2016-end.

Proceeds from the transactions will be used to pay down Growthpoint's existing debt to reduce its gearing ratio to 39.4%, which stood at 46% after the GPT Metro acquisition in November 2016, according to a release. The company's other activities after the takeover are a portfolio sale and an equity raising.

Centuria Capital said in a separate statement that the transaction boosts its funds under management to A$3.8 billion, as it is creating a new single-asset unlisted property fund, Centuria Sandgate Road Fund, to hold the asset.

As of April 4, US$1 was equivalent to A$1.32.