Dee Why Marketplace Sold
The Directors of Dee Why Retail Pty Ltd wish to advise that on 5th September 2014 they accepted an offer to sell the Centre for $34,000,000. This represents a significant premium to the book value of the Centre of $24,410,627 as at 30th June 2014. The buyer is unconditional and has provided a 20% deposit to secure the sale which is due to settle within 60 days (i.e. early November).
Preliminary calculations indicate that once completed this Sale will provide investors a return of $1.70 per unit following settlement, in addition to regular distributions which will continue to be paid for the next 2 months. When all distributions since purchase are included, the total return for investors over the 3 years is forecast to be around $1.92 per unit at an IRR in excess of 25% pa. This represents a very strong outcome which maximises investor returns.