APN Funds Management buys Queensland warehouse

APN Funds Management (ASX:ADI), as Responsible Entity and Manager of APN Industria REIT is pleased to announce the acquisition of Queensland warehouse for $18.34 million, representing an initial yield of 8 per cent.

The property is occupied by Vesco Foods for a remaining term of 9.4 years, and benefits from annual reviews of 3.5 per cent or CPI (whichever is higher), and a triple-net lease structure (excluding land tax).

Vesco was founded in 1974 and is a leading manufacturer of ready-made meals.

Brands it owns or licences include Lean Cuisine, On the Menu, Super Natural and Annabel Karmel; and its key clients include Woolworths, Coles, IGA, Aldi, a variety of restaurant chains, as well as food-service companies.

Shares in APN Funds Management (ASX:ADI) are trading 1.04 per cent higher at $2.91.
 
Copyright 2019 – Finance News Network

Source: Finance News Network