Ridley completes sale of surplus land for $8 million

Company News

by Anna Napoli

Ridley Corporation (ASX:RID) has announced the completion of the sale of its largest parcel of surplus land in Melbourne for $8 million dollars.

The underdeveloped land at Lara near Avalon airport represents a total of about 417 hectares.

In addition the company also sold another lot of 124 hectares for $1.5 million.

The estimated pre-tax profit on sale is $8.2 million.

Ridley CEO Tim Hart says he is delighted with the return the company has created for shareholders from the sale of the surplus land.

The company has eliminated the majority of Lara landholding costs and generated gross cash proceeds of $15.6 million.

Shares in Ridley Corporation (ASX:RID) is trading 0.4 per cent lower at $1.30.

 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.