Jonathan Chancellor | 25 February 2013

FKP sells Browns Plains commercial precinct to Engage Capital

FKP Property Group has sold a mixed-use retail and commercial office precinct at Browns Plains in Queensland to Engage Capital for $27 million.

The sale price of the 1.6-hectare Village Square (highlighted in red, below) was sold at $3 million below FKP's book value from June last year.

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The Village Square is set within a precinct that also include Bunnings Warehouse, The Good Guys and Spotlight.

FKP has also sold a 15-level, A-grade commercial office building at 465 Victoria Avenue, Chatswood, to Hines Global REIT for a gross price of $92 million.

FKP executive chairman Seng Huang Lee said the divestments "demonstrate management's focus on narrowing the gap between our current security price and NTA and are in line with our 'back-to-basics' strategy to simplify our business and strengthen our balance sheet."

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