This article is from the Australian Property Journal archive
ASX-listed Garda Diversified Property Fund has filed claims against various parties involved with the construction of Botanicca 7 office building in Richmond.
GDF said it has filed a claim under warranties and indemnities against the builder for the 6,587 sqm office at 572-576 Swan St, Richmond with respect to defects in the building.
The builder is defending and has indicated joining additional third parties as defendants.
The matter has a mediation currently scheduled for September 2019 and is expected to be listed for trial during the second half of 2020.
Meahwhile GDF reported a funds from operations of $13.2 million for FY19, representing an increase of $2.0 million from the prior year.
Distributions totalled $13.8 million or 9 cents per unit, representing a payout ratio of 104.7%, up from $11.3 million, the increase due to the allotment of 20.0 million new units following the $25.0 million institutional placement in October 2018.
During year, the trust leased 11,693 sqm of space across 16 deals. It held 13 investment properties totalling $332.8 million in value.
Looking ahead, Garda said the focus will be on leasing of the Botanicca 9 commercial office building and constructing and leasing a 5,500 sqm industrial facility in Berrinba, Brisbane.
