Rubicon America Trust has finalised the acquisition of the $US592.4 million ($A788.6 million) GSA II Portfolio after obtaining final tenant consent allowing three properties, which were being held in escrow with rental income flowing to RAT to be released.
RAT now has a 100% interest in the 14 properties in the GSA II Portfolio.
As a result of this acquisition, the RAT portfolio has 33 properties across 20 states of the US covering approximately 6.3 million sq ft.
The RAT portfolio is valued at $US1.265 billion ($A1.684 billion).
“Now that RAT has reached critical mass in terms of scale and diversification, our primary focus is on managing the existing portfolio to maximise returns for investors. We have a number of initiatives under way that we will communicate to the market when they are further developed,” Rubicon’s managing director Gordon Fell said.
In addition, RAT has forecast cash distribution of 10.75 cents per unit for the year ending 31 December 2007 and the current NTA per unit of $1.23 are confirmed.
By Kathryn O’Meara
