ABACUS GROUP ASX ANNOUNCEMENT
Sale of 309 George Street, Sydney
The Abacus Property Group/AM alpha joint venture has exchanged contracts for the sale of 309 George Street, Sydney for $112.3 million. Settlement is due to occur in May 2015 and is conditional upon FIRB approval.
The property was acquired by the joint venture in October 2011 for $68.75 million. Since acquisition, the property has been transformed into a stabilised asset via substantial refurbishment and re-leasing. The joint venture significantly improved the building's revenue stream and ultimately delivered a strong equity IRR to the joint venture partners.
The sale is further proof of Abacus' and AM alpha's track record of identifying and accessing opportunities that deliver enhanced capital gains as a result of the joint ventures ability to deliver value from core plus assets.
Abacus has a 25% interest in the joint venture.
AM alpha, the 75% joint venture partner, is a privately owned real estate management firm that focuses on global investments in prime real estate on behalf of family offices, private clients and endowments. Its Asian operations are headquartered in Singapore, with offices in the gateway cities in the Asia Pacific
region.
Ellis Varejes
Company Secretary
Neil Summerfield
Head of Investor Relations Abacus Property Group (+61) 2 9253 8600
www.abacusproperty.com.au.
23 March 2015
AM alpha (Singapore) Pte. Ltd. (Asian Headquarters)
80 Raffles Place, #14-02/03, UOB Plaza 1
Singapore 048624
Tel: (+65) 6220 1191, Fax: (+65) 6220 8912
Mr Tan Yeow Beng, info@am-alpha.com.sg
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