SINGAPORE (Sept 27): Raffles Education Corporation says wholly-owned subsidiary Raffles Assets Australia has entered into a sale and purchase agreement with an independent third party for the disposal of a property in New South Wales, Australia for A$80.0 million ($74.7 million).
Located at 1-3 Fitzwilliam Street in the central business district of Parramatta, Sydney, the sale property is a six-storey commercial building with a net leaseable area of 9,619 sqm.
No valuation on the property has been undertaken for the transaction.
The company had invested in the property in July 2014 at a consideration of A$29 million, and says it is “realising a very substantial gain or return in the investment after a period of about five years”.
The proceeds from the proposed disposal is intended to finance the company’s debt repayments and working capital.
Shares in Raffles Education opened 3.7% higher at 8.4 cents on Friday, following the announcement.
