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Active Asset Management 

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Integrated Property Group

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$183 Million in Assets Under Management 

Fund Overview

The Fund is an ASX listed Real Estate Investment Trust (REIT) which intends to invest in commercial offices in city and suburban markets as well as industrial facilities along the eastern seaboard of Australia.  The Fund currently holds eight established property assets valued at $183 million and an approximate market capitalisation of $120 million.

The Fund offers investors:

  • FY2017 forecast distributions of $0.094 per unit per annum, to be paid quarterly;
  • Exposure to a diversified commercial and industrial portfolio with a weighted average capitalisation rate of 8.13%;
  • Income returns supported by leases to reputable tenants with structured rental growth (weighted average rent increase for FY2017 of 3.3%);
  • A conservative capital structure and transparent fee arrangement; and
  • Access to the expertise and experience of the GARDA Capital Group.  

Fund Overview

Fund Overview  
Asset Under Management $183,000,000
 Funds Type  ASX listed property trust (AREIT)
Fund Status   Open to trade on ASX
ASX Code   GDF
FY2017 Forecast Distributions    $0.094 per unit p.a. (paid quarterly)


Fund Financials

Fund Financials  
Net Tangible Assets (NTA) $1.11 per unit (Dec-16)
LVR 33.5%
ICR 5 times


Leasing Metrics

Leasing Metrics  as at 31 December 2016
Net Lettable Area (NLA) 59,074sqm
Occupancy  93%
Weighted Average Lease Expiry (WALE) 3.8 years
Sector (by income) 84% commercial 16% industrial

Fund Strategy

The Fund’s objective is to provide sustainable and growing distributable income derived from investments in commercial offices in city and suburban markets as well as industrial facilities along the eastern seaboard of Australia.

The Fund’s investment and growth strategy is intended to be achieved through:

  • Investing in commercial office located in both city and suburban office markets as well as industrial facilities along the eastern seaboard of Australia;
  • Investing in assets comprising a balance of:
    • Assets demonstrating the potential for stable long term cash flows; and
    • A proportion of higher yielding and active management assets where the responsible entity intends on improving both the income profile and capital value of those assets.
  • Investing in a portfolio diversified by building type, location and tenant;
  • Investing in properties with structure rental growth;
  • Maintaining a conservative capital structure and long-term target gearing of 30% to 35%;
  • Providing investors with the potential for capital growth overtime; and
  • Accessing the GARDA Capital Group expertise and experience in asset and capital management.

Debt Facility

The St. George Bank debt facility was initially drawn to $42.6 million and fixed at a rate of 3.845% for a 4 year period.  

Repayment of $20 million in January 2017, with a subsequent $1.5 million draw to finance the ongoing capital improvements program, sees the facility drawn to $61.1 million (as at 15 February 2017) with a facility limit of $83.6 million.

LVR is 33.5% and GDF holds an acquisition capacity of up to $35 million. 

The following terms are part of the current debt facility:

  • Facility limit of $83.6 million;
  • LVR covenant of less than or equal to 50%; and
  • ICR covenant greater than or equal to 2.5 times.

Top 5 Tenants

@ 30 June 2016Income ($'000)% of Total
Commonwealth Government (CASA) $2,798 14%
Golder Associates $2,663 13%
J Blackwoods & Sons $2,449 12%
QLD State Government (DTMR) $1,707 8%
Fulton Hogan $951 5%

Lease Expiry Profile

Lease Expiry

Fund Reports

Product Disclosure Statement

ASIC Class Order


30 Jun 2015

GARDA Diversified Property Fund

ASX Announcements 


Read more

GARDA Diversified Property Fund Assets

View all Fund properties

Contact us

Contact Form

Garda Capital Group

1300 889 100

Level 21, 12 Creek Street, Brisbane QLD 4000

GPO Box 5270, Brisbane QLD 4001

Ph: +617 3002 5300 Fax: +617 3002 5311
Email: contact us form

© Copyright Garda Capital Group 2014