ABC Learning Centres has made $8 million through the sale of 4.44 million units in the Australian Education Trust.
In late 2004, ABC bought 115 childcare centres businesses from AET, and leased the assets from the trust.
ABC said it had decided to reduce its direct equity stake in the trust after assisting its restructure and recapitalisation over the past two years.
ABC sold the 4.44 million units for $1.80 a unit to the API Fund, which is managed by Ceramic Funds Management.
In addition, the API Fund has also been given an option to buy the remainder of its holding – 10.27 million units – at $1.80 per unit.
Australian Property Journal
