UEM Sunrise to divest property in Melbourne for AUD$107.09 mln

Last update: 13/11/2019

KUALA LUMPUR, Nov 12  -- UEM Sunrise Bhd’s (UEMS) wholly-owned subsidiary, UEM Sunrise (St Kilda Road) Pty Ltd, is proposing to divest its property in Melbourne, Australia to Acme Co No. 4 Pty Ltd (Acme) for AUD$107.09 million (RM304.13 million). 

In a filing with Bursa Malaysia today, UEMS said the company has entered into a contract with Acme for the sale of the property at 412, St Kilda Road, which has a net lettable area of approximately 16,258 square metres, 174 car park bays plus all improvements and fixtures.

“The proposed divestment will allow UEMS to immediately unlock the value of the property at a gain in line with market value and free up the cash to enable the group to pursue other investments and venture  opportunities.

“The proposal is expected to be completed by year-end and the group is expected to recognise a net disposal gain of AUD$19.12 million (RM54.31 million),” it said.

UEMS added that the proceeds from the proposed divestment will be utilised for working capital, investments and other venture opportunities.