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TIAN AN AUSTRALIA LIMITED — Capital/Financing Update 2013
Oct 14, 2013
65920_rns_2013-10-14_405408c8-a1a7-4316-9595-9000a39853c6.pdf
Capital/Financing Update
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15 October 2013
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ASX / Media Release
FKP to sell a 50% interest in The Milton and part of Point Cook estate
FKP Property Group (ASX: FKP) is pleased to announce it has reached an agreement with PBD Developments (ASX: PBD) for the sale of:
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a 50% interest in The Milton, a 309 apartment development project in Brisbane for $28 million; and
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a 14 hectare non-contiguous en-globo site, known as the Yang Land, forming a part of FKP’s Saltwater Coast residential estate in Point Cook, Victoria for $18 million, progressively payable over 18 months.
Geoff Grady, Chief Executive Officer of FKP, said: “These divestments are another progression in our strategy to become a pure retirement group. Both sales are above book value. FKP will continue to divest non-retirement assets such as these at or around book value as we continue to execute this strategy.”
The proceeds of the transactions will be used to repay Group debt.
The Milton is a residential apartment development 1.5 kilometres from Brisbane’s CBD. The project has an estimated end value of $200 million and comprises 309 residential apartments and 2,400sqm of commercial and retail space. So far, over 70% of the apartments have been pre-sold and construction is on track to be completed in September 2015.
Saltwater Coast is a premium masterplanned community, set on over 100 hectares, located in Point Cook, Victoria, 20 kilometres south west of Melbourne’s CBD. Following the sale of the Yang Land, FKP will still have over 1,100 lots to be developed at Saltwater Coast.
Both transactions are subject to PBD shareholder approval. It is anticipated the vote will not be conducted prior to December 2013.
ENDS
For further information contact:
Nina Lesnanska, Communications and Investor Relations Manager P: 02 9270 6168 M: 0404 811 469 E: [email protected]
About FKP With more than 30 years’ experience in the Australian property industry, FKP Property Group (FKP) is one of Australia’s leading diversified property and investment companies. FKP successfully operates an integrated business model which includes retirement, property investment and funds management, land development, property development (incorporating residential, retail, industrial and commercial) and construction across Australia and New Zealand.
Issued by FKP Property Group (ASX: FKP) comprising FKP Limited ABN 28 010 729 950 and FKP Funds Management Limited ABN 17 089 800 082, AFSL No. 222273 as Responsible Entity for the FKP Property Trust ARSN 099 648 754. www.fkp.com.au
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