The revised consideration came after the REIT trustee entered into a deed of variation with the third-party purchaser. According to the REIT manager, the deed of variation was entered into “in order to facilitate the completion of the divestment”.
Under the deed of variation, the payment of A$6.5 million as part of the new consideration will also be deferred to Dec 11, 2023.
The new consideration still represents a premium of A$20.5 million to the property’s book value of A$21.0 million as at Sept 30, 2021.
The divestment was completed on Oct 24.
See also: IREIT Global refinances EUR200 mil German portfolio
Units in FLCT closed 4 cents lower or 3.6% down at $1.07 on Oct 21.
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