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Article: Abacus plans to reposition tower.(Abacus Property Group)(Brief Article)
- Article from:
- Australasian Business Intelligence
- Article date:
- December 14, 2004
- Author:
CopyrightCOPYRIGHT 2004 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dec 14, 2004 (The Australian Financial Review - ABIX via COMTEX)
A North Sydney property has been sold to Abacus Property Group for $A36.25 million. Optus is one of the key tenants in the building. The telco's lease expires on 31 October 2007. Optus is relocating its operations to Stockland's corporate campus in North Ryde. Abacus has bought the building from Stockland on an initial yield of 10.4 per cent. According to sources, the deal reflects the potential of the North Sydney market. Abacus, which is in a trading halt, hopes to raise $A39.3 million to fund the deal. Abacus stock had last traded at $A1.30.
Publication Date: 15 December 2004
ABACUS PROPERTY GROUP ...