News

Sale of two properties; gearing reduced to 39.4%

5 April 2017

Capital management initiatives achieved via sale of two properties

Growthpoint Properties Australia ("Growthpoint") is pleased to announce that it has entered into contracts for the sale of two assets in its property portfolio.

Proceeds from these sales will be used to pay down existing debt, reducing Growthpoint's gearing ratio to 39.4%. This is in line with the Group's guidance on financial management included in its HY17 result to reduce gearing to the middle of the target range (35% to 45%). These asset sales complete Growthpoint's capital management initiatives targeted for FY17.

Further detail is included in the full ASX announcement.