West Australian focussed property developer Finbar Group Limited
(ASX:FRI) has sold a $72.8 million office complex located in Perth’s Victoria Park.
The company expects to realise $20 million in cash from the divestment of Gateway Building after the repayment of the building's finance facility and minority joint-venture interests.
Managing Director Darren Pateman says the sale is a timely disposal opportunity which will allow Finbar to deploy more funds into its core business of residential apartment development.
Finbar has advised the sale price is consistent with the current external valuation and carrying book value and settlement is expected to be completed next month.
Finbar Group reported a record net profit of $40.81 million in the 2014 financial year.
