EUMUNDI has bought a majority shareholding in Keendove Holdings, a private commercial property management and advisory firm.
Keendove is based in South East QLD and has been operating for more than 16 years. With a current portfolio of 44 CBD and suburban properties under management, turnover from more than 250 tenants is in excess of $40 million annually.
Eumundi will pay $1.28 million for the company, which will consists of 912,225 Eumundi Shares and a payment of $1 million using the group’s existing facilities.
The remaining 10% shareholding will be retained by Keendove’s Michael Punch, who will continue as general manager of the company under a three year employment contract.
Eumundi holds an option to achieve 100% ownership based on potential at a fixed price commensurate with the buy in price.
Chairman Joe Ganim said Eumundi’s stated strategy has been to pursue property related opportunities that deliver strong returns and enhance the groups operations.
Australian Property Journal
