$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.

Latest News

THE STAR'S STUNNING ANSWER TO CROWN'S BARANGAROO

THE Star Entertainment Group (ASX:SGR), not to be outdone by James Packer's Barangaroo development across the ...

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter