This article is from the Australian Property Journal archive
GROWTHPOINT Properties Australia has sold an industrial property at Kilsyth in Melbourne's east to the sitting tenant, ARB Corporation, for $19 million.
The sale price is $225,000 above the current book value of $18.75 million.
Located at 42-44 Garden St Kilsyth, the property has a lettable area of 25,887 sqm on a 55,990 sqm site, and has a current market capitalisation rate of 8.5%.
ARB Corporation had three years remaining on its current lease.
Growthpoint said the net proceeds would initially be used to repay debt.
Australian Property Journal
