Colonial First State Property Limited intends to use the proceeds of a key Sydney property to pay down debt.
The company, the manager of Commonwealth Property Office Fund (CPA), announced last week that it had settled the sale of a non-core development parcel of land at Sydney Olympic Park, NSW, to a private developer.
It said the site, known as 4B Dawn Fraser Avenue, has been negotiated at $4.7 million, approximately $1 million above book value.
Confirming the sale, CPA fund manager Charles Moore, said the transaction represented a continuation of the company's strategy of recycling capital out of non-core assets to focus on better value opportunities within the portfolio.
