Garda Property Group (ASX:GDF) said the ESR-managed fund acquiring its 25-hectare industrial development site at North Lakes in Queensland for AU$114 million received approval from the Foreign Investment Review Board, according to a Thursday filing with the Australian bourse.
The approval satisfies a key condition of the sale, the filing said.
The remaining conditions include the completion of an estimated AU$6.4 million in civil, intersection, and road works by Garda and land title issuance by Moreton Bay Regional Council.
The group expects the sale to be settled in the fourth quarter of fiscal 2025, the filing added.
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