AIMS APAC REIT Acquires Australian Property on Gold Coast

News about AIMS AMP Capital Industrial REIT

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.