GDI Property Group (ASX:GDI) said contracts have been exchanged for the sale of 6 Sunray Drive in Perth for AU$163.8 million owned by its unit GDI No. 43 Property Trust, according to a Wednesday Australian bourse filing.
The property is home to Perth's only large format IKEA showroom, the filing added.
On final termination, the trust is anticipated to have delivered about a 9% annual internal rate of return, per the filing.
The company said it does not hold any units in the trust but will receive a disposal fee in due course.
The sale is subject to the Department of Water and Environmental Regulation's approval and nods from local governing bodies.
The company's shares rose 2% in recent Wednesday trade.
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