Acquisition of industrial property in New South Wales

30 September 2015

Growthpoint Properties Australia ("Growthpoint") is pleased to announce that it has signed contracts to acquire a 14.1 hectare industrial property in Wollongong for $20.3 million. The property is 100% leased to a subsidiary of Asciano Limited (a top 50 ASX entity) for 15 years.

The acquisition will be funded from debt taking Growthpoint's total gearing to 39.7% and its debt headroom to $145.3 million.

The property has been independently valued by JLL at the purchase price.

Settlement is due to occur on 14 October 2015 with the acquisition expected to be immediately earnings accretive.

To find out more download the full ASX Announcement.