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WATPAC Limited (ASX:WTP) has finalised all conditions to complete the sale of its Waterloo development site to Metro Property Development, for $40 million.
The 10,650sqm land parcel in Newstead is located next to the mixed-use Waterloo Junction precinct on Stratton Street.
CEO Martin Monro says the transaction price won’t impact the asset, with sale proceeds going towards new investments.
“At both a strategic and operational level, Watpac remains focused on utilising capital to maximum benefit and positioning Watpac’s core operations to deliver long-term, sustainable value to shareholders,” he says.
Monro says the property sales strategy will be pushed through to FY15 to boost equity capital.
The strategy includes securing construction contracts for Southpoint commercial tower in Southbank for $114 million and Sydney’s Nuclear Medicine facility for $83 million.
The Waterloo funds should be received by June 2016, on an agreed staged basis.
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