“Zone” Underwood Sale

We are pleased to advise the sale of “Zone” Underwood, to Melbourne-based Newmark Property REIT, settled on 21 December 2022. 

The sale price of $56.0M represented a gain of 53% over the property’s carrying value of $36.5M at the time of sale. 

$46.0M was received on settlement, with the remaining balance payable as fire-related rebuilding works are completed and tenants re-occupy. The proceeds of this transaction are held in cash awaiting identification of appropriate investment opportunities.