Mustera Property Group Limited
(ASX:MPX) has entered into an unconditional contract to acquire 15 McCabe Street in North Freemantle.
The company intends to retain the site as an investment property with the future redevelopment potential for apartments and townhouses.
The consideration for the acquisition is $5.4 million and will be funded by a combination of equity and debt.
The property will be acquired by Riversea Property Holdings Pty Limited, a wholly owned subsidiary of Mustera and is expected to settle in June 2016.
Mustera Property Group recorded a net profit of $403,000 at 30 June 2015.
