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.