Newmark Property (ASX:NPR) to acquire large format retail property

• Newmark Property REIT (NPR) launches an off-market acquisition of a large format retail (LFR) property in Queensland
• The acquisition will give NPR a 100 per cent freehold interest in a 2.8-hectare property, about 20 kilometres southeast of the Brisbane CBD
• The property is located at a high traffic volume intersection and sits adjacent to Bunnings Underwood
• The purchase comprises of four buildings, with tenants such as Officeworks, Supercheap Auto, and Sydney Tools
• Shares are trading 1.39 per cent lower today at $1.42 each at 12:22 pm AEST

Newmark Property REIT (NPR) has launched an off-market acquisition of a large format retail (LFR) property in Queensland.

The acquisition will give NPR a 100 per cent freehold interest in a 2.8-hectare property, about 20 kilometres southeast of the Brisbane CBD.

The property is located at a high-traffic volume intersection and sits adjacent to Bunnings Underwood.

The purchase comprises of four buildings, with tenants such as Officeworks, Supercheap Auto, and Sydney Tools.

Newmark believes the acquisition will provide defensive and growing income for its portfolio.

Settlement is expected in September, with the purchase to be funded by the company’s existing debt facility.

Fund Manager Ed Cruickshank said the acquisition will allow for portfolio growth.

“This high-profiled LFR property is located in a thriving local economy and anchored by high quality, strong performing tenants on long-term leases with attractive built-in growth,” he said.

“The acquisition is complementary to NPR’s strategy and existing portfolio and provides the exposure and diversification of geography and defensive and growing income profile that NPR is seeking to provide its investors.”

Shares were trading 1.39 per cent lower today at $1.42 each at 12:22 pm AEST.