Garda strengthens balance sheet with North Lakes sale, debt extension

Garda Property Group successfully settled the sale of its $113.6 million North Lakes industrial-zoned site, delivering a 99% unlevered total return to investors, equating to $56.4 million or 28 cents per security. This transaction has reduced drawn debt to $95 million, lowered gearing to 17.9%, and provided $71 million in additional debt capacity for its private lending business. The company's real estate portfolio now exclusively comprises nine Brisbane industrial properties valued at $330 million.

The Group also extended its debt facilities with ANZ and Westpac to September 2029, reducing the total facility limit to $166 million and lowering the average bank cost by 25 basis points. This refinancing strengthens Garda's capital management and supports its continued pursuit of private lending opportunities, focusing on residential and industrial developments in South-East Queensland.

Garda's distribution guidance of 8cps (90% payout ratio) reflects a 7.1% yield on its closing price of $1.13 as of November 18, 2025. The company's securities are currently trading at a 29% discount to its net tangible assets of $1.60 per security.