Villa World & CVC acquire $22.8M VIC site

Company News

Villa World Limited (ASX:VLW) and CVC Limited (ASX:CVC) have teamed up to buy a residential land subdivision development site in Donnybrook, Victoria. 
The combined purchase price of the total land holding is $22.8 million and has been secured under two separate contracts due to settle this month and in August 2015. 
The land totals about 270 hectares, is located within a growing urban corridor of Melbourne and potentially capable of yielding more than 2,000 residential allotments. 
Both companies will work together to obtain financing of the acquisition and development of the land and expect the planning process to take between two to three years. 
The project is expected to start contributing to Villa World’s revenue in the 2019 financial year. 
Villa World reported a net profit of $19 million in the 2014 financial year.

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