AIMS APAC REIT is announcing the purchase of the Boardriders APAC HQ in the suburb of Burleigh Heads, Queensland, Australia for A$38.46million (about S$36.92million). The property is occupied, sold and will be leased by wholly-owned subsidiaries of Boardriders, Inc., a company that designs, produces and distributes ready-to-wear apparel, footwear and accessories under brands such as Quiksilver, Billabong, Roxy, etc.

The Acquisition is expected to be predominantly funded from Australian dollar debt facilities in order to maintain a natural currency hedge on the Acquisition. AA REIT's aggregate leverage following the Acquisition will increase from 33.7% as at 31 March 2019 to 35.5% on a proforma basis, assuming Acquisition was fully funded by debt.

On completion of the Acquisition, AA REIT will own a total of 27 industrial properties, of which 25 properties are located throughout Singapore, a property located in Gold Coast, Australia and a 49% interest in a property located in Macquarie Park, New South Wales, Australia.