Oxley Holdings announced on Sept 21 that it has divested the land parcels at 173-177 Walker Street, North Sydney, Australia.
The group will be receiving gross proceeds of approximately $96.3 million, less payments for taxes and transaction costs.
The property had a book value of approximately $60 million as at June 30, 2020.
As there is no outstanding bank loan secured by the asset, the entire amount of the net proceeds will contribute positively to the cashflow of the group.
The sale is expected to have a material impact on the expected earnings per share of Oxley for financial year ending June 30, 2022.
