Garda Completes Internalisation
GARDA Capital Group announced this week that it had received sufficient support of its unitholders to proceed to internalise its current external management functions and create a new diversified, stapled property group, GARDA Property Group.
The Group's portfolio consists of 17 property assets independently valued at $404 million, reflecting a weighted average capitalisation rate of 6.68%.
The portfolio comprises:
five commercial office assets (including a 1,518m² vacant blocking adjoining 7-19 Lake
Street, Cairns) independently valued at $217.05 million;ten established industrial assets independently valued at $177.25 million; and
two industrial land development sites independently valued at $9.5 million.
To date, GDF’s objective is to provide sustainable and growing distributable income derived from investments in commercial office and industrial real estate along the eastern seaboard of Australia.