Trinity Consolidated has received security holder approval to buy out Consolidated Properties Group for $25.35 million.
The scrip for scrip merger includes the remaining 50% in Consolidated Properties’ commercial developments as well as its residential development division and corporate operations.
Trinity chief executive Ben McCarthy said that while Consolidated Properties is now fully owned by Trinity it will continue to operate as a stand-alone subsidiary.
McCarthy said the acquisition is expected to result in a recurrent contribution of $3.89 million to the group.
In line with the change, the group’s listed Trinity Consolidated Trust will be renamed the Trinity Stapled Trust.
The approved acquisition of Consolidated Properties does not include the Casuarina Beach estate in northern NSW, the Cairns Bluewater development, the Stradbroke Domain Resort or the Domain Resort Management business.
By Adam Parsons