This article is from the Australian Property Journal archive
THE Garda Diversified Property Fund has sold the Civil Aviation Safety Authority building in Brisbane’s Eagle Farm for $23 million.
Garda has sold the CASA building located at 12-14 The Circuit, Eagle Farm, which represents a 2.7% premium to the last independent valuation of $22.4 million.
Leased to 100% to CASA, the property has a weighted average lease expiry (WALE) by income of 2.4 years, at 1 July 2017.
Garda chairman Matthew Madsen said the sale proceeds will be used to retire existing fund debt, reducing the loan to value ratio of the fund to 25%.
Upon settlement of the CASA building, the fund will have acquisition capacity of up to $55 million.
Australian Property Journal
