This article is from the Australian Property Journal archive
APN Property Group has increased its full year distribution guidance by 17% as end of year momentum gathers pace across its securities business and direct funds.
The group’s FY2021 distribution guidance was lifted % from 2.50 to 2.80 cents per stapled security to 3.00 to 3.20 cps.
First half distribution for will be 1.70 cps.
“We are seeing a very strong end to the calendar year, both across our securities business as the AREIT sector recovers ground lost earlier in the year but also in our direct funds – our two ASX listed REITs in the last month have announced a total of $192.4 million in earnings accretive acquisitions in the industrial and convenience retail sectors,” chief executive Tim Slattery said.
APN Industria REIT has just picked up four industrial properties at Adelaide Airport and in Brisbane, while the APN Convenience Retail REIT pumped more than $75 million into purchasing 12 service station and convenience retail assets in South Australia, Western Australia, NSW and Queensland.
APN also confirmed that litigation with Grocon companies, including those now in voluntary administration, on behalf of one of APN’s wholesale funds has no material financial impact on APN.
