Villa World acquires Plumpton sites

Company News

by Roma Christian

Property developer Villa World Limited (ASX:VLW) has agreed to the unconditional purchase of two sites in Plumpton, of Melbourne’s north-west.

The residential property developer says the total purchase price is $44 million, with settlement of one site expected to occur in July 2017, and the other July 2019.

Villa World says the settlement in July 2017 will be funded from working capital and debt.

The company says both sites are expected to be gazetted later in 2017, with an expected total yield of over 500 lots.

Shares in Villa World Limited (ASX:VLW) are trading flat at $2.28.