Singapore-listed AIMS AMP Capital Industrial REIT (AIMS AMP REIT)(SGX:O5RU) has completed its acquisition of a 49% stake in Australian business centre Macquarie Park. The property is currently known as Optus Centre, a reflection of the telecommunications group's tenancy.
|Singapore-listed AIMS AMP Capital Industrial REIT now has a 49% stake in Optus Centre.|
The AUD184.425 million (SGD205.3 million) acquisition is fully funded by debt and 95% denominated in Australian dollars, putting a natural hedge against current fluctuations with the Singapore dollar.
Unit holders are expected to see pro forma yield accretion of about 5.1% as a result of the acquisition once earnings from the property is reflected in the March 2014 distribution.
With the acquisition of the stake, AIMS AMP REIT leverage increased by 42% to 37.8%.
Units of AIMS AMP REIT closed flat at the end of the trading day to end at SGD1.41 on the Singapore Exchange.