Schaffer Corporation sells interest stake

Company News

Schaffer Corporation Limited (ASX:SFC) has executed unconditional contracts to sell its 20 percent share in a Melbourne property syndicate.
 
Schaffer Corporation and its partners established the syndicate in 1996 to own and lease Océ House at 616 St Kilda Road.
 
The industrial company expects to realise profit after tax of just over $4 million on the sale.
 
The sale is expected to settle during December.
 
Schaffer Corporation recorded a net profit of $4.16 million at 30 June 2015.