DEVINE Limited (ASX: DVN) has settled two major transactions in Queensland and Victoria.
The company has completed the sale of a 1,500 sqm site at 111 Margaret St in Brisbane’s CBD to Margaux 93 Pty Ltd.
In Victoria, Devine has settled on the sale of a 2.7ha site to the Department of Education and Early Childhood Development at Pakenham in Melbourne’s south-east for $4.4 million.
CEO David Keir said the disposals were part of the company’s ongoing capital management strategy and would allow it to focus on projects with a shorter return horizon.
“This is a quality site with great potential but does not fit with our current strategy of deploying capital towards projects which provide the best opportunity to deliver a return in the short to medium term,” he added.
Keir said the transaction not only delivered an attractive financial return for the company but would also provide a significant enhancement to the company’s adjacent Edenbrook community and another Devine community currently being planned.
Property Review