Abacus JV sells $112M Sydney property

Company News

An Abacus Property Group (ASX:ABP) joint venture with privately owned AM alpha has inked a deal to sell a property in Sydney for $112.3 million. 
 
The property group says the asset is located on 309 George Street in the CBD and was acquired by the JV in 2011 for $68.75 million. 
 
Abacus advises the property has been transformed into a stabilised asset through substantial refurbishment and re-leasing and the deal is expected to settle in May. 
 
Abacus holds a 25 per cent stake in the JV while AM alpha holds the remaining 75 per cent interest.  
 
Abacus Property Group reported a net profit of $62.64 million in the first half of the 2015 financial year.