Cimic Group Limited
(ASX:CIM) has sold a development site in St Leonards in Sydney for $121 million to Mirvac Group.
The building contractor, formally Leighton Holdings, says the sale is part of the company’s streamlining efforts to strengthen its balance sheet.
CEO Marcelino Fernandez Verdes says the sale will see cash profits and creates value for shareholders.
The site has a development application for 500 apartments and commercial space and includes two commercial office buildings.
CIMIC Group reported a $678.6 million net profit in the 2014 calendar year.
