Abacus Property Group sells Liverpool Plaza for $46m

Company News

by Rachael Jones

Abacus Property Group (ASX:ABP) has exchanged contracts for Liverpool Plaza and two small adjoining properties in Liverpool in NSW for $46 million, around the current book value.

Following an unsolicited approach from a local group, contracts have been negotiated and exchanged with settlement due by December the 9th 2019.

Liverpool Plaza was identified in August 2018 as a non-core asset.

This transaction is in line with the company's retail strategy to focus on super convenience shopping centres, Ashfield in Sydney and Lutwyche in Brisbane.

Settlement proceeds will be utilised to reduce debt.

Shares in Abacus Property Group (ASX:ABP)

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.