$62M SETTLEMENT FOR DEVINE

Written on the 30 April 2014

$62M SETTLEMENT FOR DEVINE DEVINE Limited (ASX:DVN) and Leighton Properties’ sale of Hamilton Harbour has been finalised, following the $62 million settlement.

360 Capital Office Fund purchased the KSD1 and central retail buildings on Kingsford Smith Drive on December 20.

Devine CEO and managing director David Keir (pictured) says the development is a world class example of multi-use master planning.

“The transaction not only delivers an attractive financial return for the joint venture, but also repays all remaining debt on the Hamilton Harbour joint venture, allowing an accelerated release of capital from the remaining unsold apartments in the Hamilton Harbour project.”

Keir says the completion of the sale was an important outcome under Devine’s current capital management strategy.

The building’s tenants include Domino’s Pizza head office, Woolworths, Flight Centre and Coffee Club.

The joint venture is 50 per cent owned by Devine and 50 per cent by Leighton Properties.

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