A property of Garda Diversified Property Fund (Photo: Garda Diversified Property Fund)

Garda Diversified Property Fund has settled the acquisition of a 4.1 hectare industrial site located at 498 Progress Road, Wacol in Queensland for AUD5.9 million.

The REIT entered into an unconditional contract to acquire the site in September 2018.

Allowing for the statutory assessment periods under the local council regulations, Garda expects to receive all relevant approvals in the last quarter of the 2019 calendar year.

Garda Diversified Property Fund will then proceed to build an industrial complex, to be leased and held as an investment asset by the REIT.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.