trending Market Intelligence /marketintelligence/en/news-insights/trending/zz5wXDW4_n2Rc6ZkK0Mhbw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Australian Unity to buy Brisbane, Australia, asset, launches A$50M offering

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Australian Unity to buy Brisbane, Australia, asset, launches A$50M offering

Australian Unity Office Fund agreed to acquire a Brisbane, Australia, property for about A$105.8 million and announced a roughly A$50 million nonrenounceable entitlement offer to partly fund the acquisition.

The acquisition price of the fully occupied property at 150 Charlotte St. represents an initial passing yield of 6.7% and cap rate of 6.0%. Boeing Defence Australia and the Commonwealth of Australia are the major tenants.

The company is also undertaking a fully underwritten 1-for-6.25 accelerated nonrenounceable entitlement offer at a fixed issue price of A$2.23 per unit. The approximately A$50 million gross proceeds from the offering, along with an extension to its debt facilities, with a new A$70 million five-year tranche, will be used to finance the purchase of the property.

Australian Unity also reconfirmed its funds from operations guidance for full-year 2018 in the range of 17.1 cents to 17.3 cents per unit, and 2018 distribution guidance of 15.6 cents per unit.

The retail entitlement offer is scheduled to close Oct. 30, according to a filing.

Credit Suisse (Australia) Ltd. and UBS AG Australia branch are the underwriters of the equity raising.