Further to the ASX announcement dated 22 June 2017 Viva Energy REIT (VVR) has advised that $54 million of contracted property acquisitions have been settled. The settlement of these properties and those announced on 21 February 2017 have fully utilised proceeds of the institutional equity placement undertaken in June 2017.
The $29 million development properties at Alderley and Coomera are progressing as expected and scheduled to commence operating in fourth quarter of 2017 and first quarter of 2018 respectively. In addition, $9 million of property acquisitions previously subject to due diligence have been contracted and settled as outlined below. All of these properties will be funded using existing debt facilities.
VVR has completed and contracted total acquisitions of $118.51 million, including above, since listing on the ASX in August 2016. Post completion of the Alderley and Coomera acquisitions, VVR will have approximately $135 million of existing undrawn debt facilities to fund further acquisitions.
Margaret Kennedy, Managing Director of VER Manager Pty Ltd, Manager of VVR said “I am very pleased to provide investors with an update on our acquisition program. The properties acquired have high quality tenants on long term leases. Our pipeline for properties of this nature remains robust. The property acquisitions have been secured off market and are accretive to earnings”.
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