AU : APN Convenience Retail REIT - Portfolio adds some southern exposure

AQR has announced the acquisition of a portfolio of six properties in SA (sale and leaseback) for A$35.5m (debt funded/5.9% average yield). The assets have new 20 year leases with fixed annual rent reviews of 2.75%. The new properties will settle in June 2021. The portfolio is now valued at A$655m across 103 assets with a WACR of 6.1% and WALE of 12.2 years. We expect the next newsflow will be updated revaluations for the balance of the portfolio as at June 2021. FY21 guidance is unchanged. We make minor changes to our forecasts given we had factored in acquisitions which were under due diligence. We retain an Add rating with a revised price target of A$4.15.

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