MTM Funds Management has finally received the $3.37 million for its prime Palace Cinemas site in Adelaide's East End. The funds are yet to be allocated.
MTM negotiated the sale of the property earlier this year.
The group also recently sold its interest in Woolloomooloo Wharf for $26.4 million to retire debt to Bank West.
In its annual results, MTM declared its debt has now been reduced by $7.9 million after recent asset sales, and also announced a net profit for the financial year of $3.2 million.
The directors also announced a return on capital to shareholders of $4.5 million.
