|Owner||GDI No. 46 Property Trust|
|Fund Established||Early 2020|
GDI No. 46 Property Trust was established following the successful acquisition of a $98.0 million portfolio of 171 metropolitan Perth properties (the ‘Portfolio’) occupied by high profile car dealerships and service centres located on major arterial roads.
The Portfolio is fully leased for a remaining term of approximately 11 years, with the tenant² having 5 x 5-year options. The leases have annual CPI³ + 1% rental increases, with market reviews³ in 2023 and 2028.
The portfolio has a total NLA of 95,779 sqm located in five different suburban locations of Perth; Morley, Maddington, Midland, Melville and Wanneroo. The Portfolio offers investors the potential of an attractive distribution yield with capital gain potential from increased rents, tighter capitalisation rates and/or alternate underlying land uses.
- GDI acquired 19 properties, with two properties to be amalgamated.
- The tenant is either Buick Holdings Pty Limited (Buick), or wholly owned subsidiaries of Buick. Buick is owned 67% by IDOM Automotive Group Pty Limited, a wholly owned subsidiary of IDOM Inc, an entity listed on the Tokyo Stock Exchange, and 33% by entities associated with the DiVirgilio family.
- CPI is Perth Capital City CPI and the market reviews have a 10% cap and 5% collar.