Growthpoint Properties Australia to Sell Western Australia Distribution Center for Nearly AU$268 Million

MT Newswires Live

Aug 12

Growthpoint Properties Australia (ASX:GOZ) agreed to sell its Woolworths distribution center at Perth Airport to Hesperia for AU$267.7 million as part of its ongoing capital recycling and capital management strategy, according to a Wednesday filing with the Australian bourse.

The leasehold asset, acquired as part of the company's 2009 seed portfolio for AU$101.6 million, has since been expanded by 15,000 square meters, with a further 10,700 square meters expansion currently underway, per the filing.

The sale is expected to reduce the company's pro forma gearing by around 4%, with settlement anticipated in early 2027, subject to completion of the expansion, approval from the Foreign Investment Review Board, and other customary conditions, the filing added.

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