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HRPT Acquires Australian REIT for $79M

NEWTON, MA-The locally based trust is purchasing all of MacarthurCook Industrial Property Fund at $0.40 per unit.

By Ryan Clark | Updated on May 03, 2010

NEWTON, MA-HRPT Property Trust is acquiring MacarthurCook Industrial Property Fund (MIF) for about $79.2 million (A$85.8 million). The 10-property industrial portfolio is publicly traded on the Australian Securities Exchange and was purchased in its entirety by HRPT for $0.40 per unit. The total unit purchase came to roughly A$39.4 million.

In addition, HRPT will “assume or prepay” A$46.4 million of the fund’s debt, according to a release. The properties total 1.4 million square feet in Australia, which are 90% leased to 16 tenants. The fund was a subsidiary of Sydney-headquartered AIMS Financial Group. The leases are average weighted for five years in five Australian states: three properties in New South Wales, two properties in Victoria, two properties in Western Australia, two properties in Tasmania and a single property in Queensland.

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