RECORD Realty has made a quick $7.5 million from the sale of the Symbion Distribution Centre in Rydalmere, Sydney for $51 million.
Record Realty bought the property in March last year for $43.5 million.
The sale represents a 17% increase above the current book value and will deliver Record Realty a compound annual net return on invested equity inclusive of costs of approximately 20%.
Record Realty’s chief executive Stewart Tillyard said it was an outstanding outcome for Record Realty, which underwrites the continuing strong performance of the business model.
“The sale reflects our proactive approach to the asset management of the portfolio. This was an opportune time to divest of the asset to maximise the profit,” he added.
Australian Property Journal
