Office market continues to attract interest

Listed A-REITS
  • Investa Office Fund (ASX: IOF) signed a non-binding Heads of Agreement with ANZ Wealth for a proposed lease renewal at 347 Kent St, Sydney NSW for five years from January 2019. If executed the lease would improve IOF’s WALE by 0.4 years to 5.5 years.

  • Australian Unity Office Fund (ASX: AOF) completed the retail component of its 1 for 6.25 entitlement offer. The retail component raised $25M, of which existing retail unitholders subscribing for $11.8M and the balance supported by underwriters. The proceeds of the offer will be used in combination with a $25M institutional offer, plus debt, to acquire 150 Charlotte St. Brisbane Qld.

  • Standard & Poors’ upgraded Mirvac’s (ASX: MGR) credit rating outlook from stable to positive, while reaffirming its BBB+ credit rating.

  • Folkestone (ASX: FLK), Charter Hall Retail REIT (ASX: CQR) and ALE Property Group (ASX: LEP) held their AGM’s in the past week, with no changes to their guidance for FY18.