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Roxy-Pacific Holdings, via an indirect associate firm, has agreed to purchase a mixed-use property at Revesby in New South Wales, Australia for AU$9 million (S$9.02 million), according to an SGX filing on Friday (10 Aug).
Located in an industrial zone, the property along 36 Mavis Street has a total site area of 8,433 sq m, comprising a mix of warehouse and office space.
It is being acquired by RPPG (Revesby), which is 50 percent owned by the group’s indirect wholly-owned subsidiary Roxy-Pacific Developments, with the remaining stake held by PGG (Revesby).
“The consideration was arrived at on a willing-buyer, willing-seller basis, after taking into account various commercial factors, including inter alia, the property’s location and the recent transacted prices for other properties in the vicinity and the potential for industrial development.”
The transaction, which will be funded by internal resources, is not expected to have a material effect on Roxy-Pacific Holdings’ consolidated earnings and net tangible assets per share for the current fiscal year ending 31 December.
In a separate SGX filing released on the same day, the group said its subsidiary Roxy-Pacific Hotels has agreed to divest its stake in a joint venture that owns a hotel development site at 609 Wellington Street in Perth for AU$6.125 million (S$6.14 million).
Previously, the joint venture acquired the hotel site for AU$17 million in February 2015, with plans to develop the first Marriott-branded hotel in the city across a 23-storey property with a total of 332 rooms.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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