Leading residential property developer Villa World and its partner CVC, have sold their remaining Donnybrook land holding, executing a key strategy to optimise return on assets and improve total shareholder returns.
The Donnybrook Joint Venture (VLW 51%, CVC 49%) has entered into a conditional contract to sell its remaining parcel at 960 Donnybrook Road, after having already sold an adjoining parcel to Satterley Property Group Pty Ltd.
The site which is the subject of this sale comprises ~208 ha, with several non-residential components to be retained by Donnybrook JV. The purchaser is Blueways Group, who already hold a 52ha greenfield site in Donnybrook in partnership with prominent Melbourne developer Wolfdene.
The sale will deliver a strong, positive return for Villa World and allow the Company to focus on the delivery of its five other projects in Melbourne’s growth corridors.
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