The acquisition of two highway service centres on Forrest Highway, West Pinjarra, Western Australia (“West Pinjarra”) occurred on 23 August 2019 for $33.35 million (exclusive of GST).
The acquisition of West Pinjarra provides the Fund further geographic and sectorial diversification, given its location and that it is a specialised retail asset. Current tenants of West Pinjarra are Caltex Australia Petroleum Pty Ltd, eight food outlets and two kiosks together with several rooftop solar panels which are leased to third parties.
This acquisition further demonstrates the focus by the Investment Manager to execute the Fund’s Investment Objective to acquire commercial property assets across Australia while generating attractive risk-adjusted returns to the investors over the medium to long term.
Investment opportunities will be continually reviewed and assessed by the Investment Manager in line with the Fund’s objective and Investment Strategy.