Settlement of sale of the Victoria Hotel in Shepparton for $4.5 million
Capitalisation rate of 6.35% secured for regional Victorian property
Sold to a private investor at 98% premium to 2003 acquisition cost.
Settlement of Sale of Victoria Hotel
ALE Property Group (ASX Code: LEP) is pleased to announce the settlement of
the sale of the Victoria Hotel in Shepparton, a regional centre in Victoria, for $4.5 million.
The sale price equates to a capitalisation rate of 6.35% and compares favourably to ALE's weighted average capitalisation rate for the portfolio of 6.59% as at 31
December 2013.
The sale price is in line with the property's book value at 31 December 2013 and represents a 98% premium to the $2.27 million cost price of the property when it was acquired in November 2003.
The sale proceeds will reduce net debt and add further strength to ALE's capital position.
- Ends -
Contact:
Andrew Wilkinson
Managing Director
ALE Property Group
02 8231 8588
Website: www.alegroup.com.au
Australian Leisure and Entertainment Property Management Limited ABN 45 105 275 278
Australian Leisure and Entertainment Property Trust ARSN 106 063 049
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