Garda Diversified Property Fund's CASA Building (Photo: Garda Diversified Property Fund)

Australia-listed Garda Diversified Property Fund has entered into a contract to divest the property located at 12-14 The Circuit, Eagle Farm, Queensland for AUD23 million (USD17.1 million).

The property, which is more commonly referred to as the CASA Building, is currently 100% leased to the Australian government, and tenanted by the country’s Civil Aviation Safety Authority (CASA).

The asset is located within the Brisbane Airport Village precinct and features a weighted average lease expiry (WALE) by income of 2.4 years as at 1 July 2017.

According to a statement from Garda Diversified Property Fund on 5 June, the sale price of AUD23 million represents a 2.7% premium to the property’s last independent valuation, which priced the four-storey building at AUD22.4 million.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.