GDI No. 38 Diversified Property Trust came about through GDI’s opportunistic acquisition of a unique portfolio of six industrial properties and one office property, all leased to Top 200 ASX-listed tenant, UGL Limited, for ten (10) years. Established in June, 2014, this diverse portfolio offered GDI the opportunity to sell down the assets individually and in a timely manner, based on demand, location, and ability to add value where required. The asset at Milperra was sold recently at a 37% premium to purchase price, and the only office asset at 3 Bridge Street, Pymble was sold for $14.6 million representing a 42% premium on the purchase price and the assets at Townsville and Mackay were sold at $8.1 million and $9.7 million respectively.
*CIMIC Group Limited (ASX: CIM), an ASX 100 listed company, recently completed the takeover of UGL Limited. CIMIC Group Limited, founded in Australia in 1949, is one of the world’s leading international contractors and the world’s largest contract miner. CIMIC, previously known as Leighton Holdings, was listed on the Australian Stock Exchange in 1962. (Source: http://www.cimic.com.au/our-business/profile)
For more detailed information on the fund click here
For detailed information on each property in the fund click on the links below: