Ariadne closes deals

ARIADNE has settled several property deals in Australia and New Zealand.

The company’s sale of the three south-east Queensland properties, marketed by Jones Lang LaSalle in December 2006 / January 2007, is now unconditional. The properties were sold for $24.0 million.

The properties include a 3,254 sqm mixed-use development site at Newstead in Brisbane, Stage III of Element on Coolum, a vacant 1.076 hectare development site on Queensland’s Sunshine Coast and the Morris Marina and Industrial estate, located 14 kilometres east of Brisbane’s CBD.

In addition, Ariadne’s sale its 50% interest in the Viridian Noosa Resort Project to Macquarie Bank Real Estate for $27.15 million was completed and settled on June 27 2007.

Meanwhile in New Zealand, the New Zealand Overseas Investment Office has approved Ariadne’s 50% acquisition of Orams Marine Village in Auckland. Settlement for this acquisition was completed on June 29, 2007.

Ariadne’s chief executive Murray Boyte said the company will continue to acquire and develop property as well as capitalise on these investments when the market is strong.

“These latest transactions complete the current rationalisation of Ariadne’s property portfolio, enabling the release of capital for deployment in our core activities of property development, car parking, investments and marinas,” he added.

Australian Property Journal