GEO Property Group has continued its asset realisation program with the sale of a property at 681 Deception Bay Road, Deception Bay for $2.4 million to an undisclosed purchaser.
Settlement is due in March 2009 and the price was 56% below book value. This sale will bring the total value of assets disposed as part of the capital realisation program to approximately $299 million.
Meanwhile GEO has received final draft independent valuations for all investment properties and chief executive Guy Farrands said the group is likely to write-down $22 million or 10.3%, equating to approximately 5.5 cents per stapled security.
Australian Property Journal
