Mustera Property Group
(ASX:MPX) has entered into a binding agreement to purchase two properties in South Perth for $7.61 million.
The property investment and development company, will manage the development of the properties, in The City of Melville, contribute working capital and secure funding for the project.
Mustera says the properties have dual frontage and will be built on the prestigious corner block at 10-14 Forbes Road and 40A, B, C Kishorn Road, Applecross.
Upon completion Mustera will hold a 30% equity interest in the property.
Settlement will occur over the next 60 days, while Mustera aims to have development application (DA) approval in the second half of the year.
Shares in Mustera Property Group
(ASX:MPX) last traded flat at 28 cents.
