This article is from the Australian Property Journal archive
THE Pelorus Property Group managed RP Trust, formerly Reed Property Trust, has sold offloaded a second asset as part of its stabilisation strategy.
Savills Sunshine Coast director Jerry O’Reilly managed the sale of the Noosa Gateway retail centre at Noosaville on Queensland’s Sunshine Coast for $10.8 million, as well as the sale of the first asset.
The transaction is hot the heels of another sale, the Chancellor Village retail centre for $7.5 million also on the Sunshine Coast in January this year.
Pelorus said both assets were sold at a premium to their book value, which was an excellent result for unit holders in a challenging selling environment.
It added that stabilisation of the trust is almost complete.
Pelorus Property Group took control of the troubled RP Trust in June 2009 following the acquisition of Reed Funds Management, which encountered funding problems following the collapse of Lehman Brothers – its lead financier.
Australian Property Journal
