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- GDI Property Group (GDI) has entered contracts to acquire two carparks in Perth’s CBD for $68.5 million
- The carparks are being acquired on an approximately 5 per cent passing yield, with upside expected as occupancy and revenues return to pre-pandemic levels
- 419-431 Murray Street is being acquired for $38.25 million and has been independently valued at $38.5 million
- 301-311 Wellington Street is being acquired for $30.25 million and has been independently valued at the same price
- GDI Property Group (GDI) was last trading at $1.130 per share before market open on December 14
GDI Property Group (GDI) has entered contracts to acquire two carparks in Perth’s CBD for $68.5 million.
The carparks are being acquired on an approximately 5 per cent passing yield, with upside expected as occupancy and revenues return to pre-pandemic levels.
419-431 Murray Street is a 10-level concrete framed carpark built to hold 839 cars.
It provides easy access to the Kwinana Freeway network and is in near proximity to the Hay Street Mall precinct, several leading hotels and established office buildings.
419-431 Murray Street is being acquired for $38.25 million and has been independently valued at $38.5 million.
301-311 Wellington Street, Perth is a six-level concrete framed carpark built to hold 601 cars.
It is located on the south-eastern corner of Wellington and Pier Streets and has easy access to the Graham Farmer Freeway, linking to the greater Perth freeway network.
It is in near proximity to Royal Perth hospital, district courts, as well as several leading hotels.
301-311 Wellington Street is being acquired for $30.25 million and has been independently valued at the same price.
GDI will fund the acquisition by a $68.5 million increase of its principal facility.
All other terms and conditions of the principal facility remain the same.
Settlement of the acquisition is expected by 22 December 2021.
GDI Property Group (GDI) was last trading at $1.130 per share before market open on December 14.
