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Growthpoint Properties Australia Announces Regarding Expansion of Woolworths Distribution Centre

04 Jan 2019  |  08:41:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Expansion of Gepps Cross distribution centre

Growthpoint Properties Australia announced that it has entered into contracts with Woolworths to fund the expansion of its SA head office and primary Distribution Centre servicing SA and the NT at 599 Main North Road, Gepps Cross, SA, for $57m. The expansion, which is expected to achieve practical completion by mid-CY 2020, will include an extension of the existing temperature controlled and ambient warehouses, construction of a new recycling facility and other ancillary improvements. It is funding the development and will receive a coupon for the project costs as they are incurred at a yield of 6.75%.

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