A highly competitive market for Bunnings Warehouses will not prevent fund manager Newmark Capital from making fresh acquisitions and growing its newly listed Newmark Property REIT, said founder Chris Langford.The Australian Financial Review
– being struck on record low yields of 4 per cent, an indication of the depth of demand for the trophy assets, which are backed by long leases to one of the country’s most successful retailers. which Newmark Capital acquired on a fund-through basis for $85 million a year ago. It is scheduled to open in the second half of the calendar year and is currently valued on a 4.5 per cent cap rate.
The portfolio occupancy rate is 99 per cent, but will soon hit 100 per cent after Newmark secured a tenant for the remaining vacant space at the trust’s Chadstone homemaker centre.With 85 per cent of its tenants subject to fixed 3 per cent annual rent increases and 10 per cent indexed to inflation, the trust is expected to deliver weighted average annual income increases of about 2.7 per cent.
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