United Overseas Australia enters JV and buys 51% of a developer

Company News

by Jessica Amir

United Overseas Australia Limited (ASX:UOS) has acquired a 51 per cent interest in a company that is developing a residential and commercial site in East Perth.

The real estate development company purchased the stake in the firm, East Parade Pty Ltd, who are building the Eastbank Development.

It comes as United Overseas Australia also entered into a JV with the company and the Psaros Group of companies, for the development of the site.

The $34 million project includes 70 high end residential units and 3 commercial units.

Shares in United Overseas Australia Limited (ASX:UOS) last traded 60.5 cents
 

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