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FKP sells Browns Plains commercial precinct to Engage Capital
By
Jonathan Chancellor
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.
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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Commercial property is a serious business.
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Thinking Property? Think Savills.
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Jonathan Chancellor Meanwhile, Mike Quigley, boss of the federal government's National Broadband Network, has also sold his Mosman mansion recently at $3,555,000. It represented a loss on the $3.6 million paid in 2007.
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