360 Capital Industrial Fund (ASX code TIX) (Fund) has today exchanged unconditional contracts to dispose of 223-235 Barry Road, Campbellfield VIC for $4.6 million.
The sale price is in line with the property’s 31 December 2013 book value and expected net proceeds of approximately $4.4 million (after transaction costs) will be initially used to retire debt or fund other capital management initiatives.
The property disposal represented an opportunity to exit a non-core asset characterised by a value less than $10.0 million, sub-optimal location, short WALE, prolonged vacancy and potential high future capital expenditure. This asset was identified as held for sale as at 31 December 2013.
Settlement is expected to occur on or before 8 May 2014.
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