Australia's Autosports Group rises on buying retail site in Queensland

Autosports

14/10/2022 01:14

** Shares of Autosports Group Ltd  ASG.AX  rise as much as
4% to A$2.07
    ** Automotive dealer says it entered into agreement with a
trustee for real estate firm Dexus Wickham Street Trust  DXS.AX 
to acquire Fortitude Valley property in Queensland, Australia
for A$98 mln ($61.75 mln) plus stamp duty  urn:newsml:reuters.com:*:nASXbRFgVl
    ** Says it intends to fund ~80% of purchase price through
existing financiers and the balance through cash reserves
    ** Says acquisition delivers on co's strategy of controlling
strategically important retail sites
    ** Says acquisition conditional on obtaining a replacement
council permit
    ** YTD, ASG down 7% and DSX down 33%, as of last close
($1 = 1.5870 Australian dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))