Trinity settles property trust unit sale
Trinity Group has completed settlement of the sale of 15 million Trinity Property Trust (TPT) units owned by Trinity Stapled Trust for $12.7 million.
Trinity Group retains a 3.7 per cent holding in TPT currently valued at $12.7 million, according to an announcement to the Australian Securities Exchange (ASX).
Trinity Group previously announced the sale of Trinity Stapled Trust’s 38.5 per cent holding in the Trinity Enhanced Return Fund for approximately $5.87 million on 27 April this year, and announced the sale of its 50 per cent interest in Mulgrave Business Park for $11.5 million on 14 May.
The group completed settlement of its sale of a 50 per cent interest in Trinity Funds Management and Trinity Funds Management Services to Clarence Property Corporation on 19 May for $4 million, with a further payment of $1 million contingent on subsequent events.
As part of the same transaction, Trinity Stapled Trust settled the sale of six million units in the Trinity Property Trust for $5.4 million at 90 cents per unit, bringing total cash proceeds for the funds management settlements to $9.4 million.
Together the transactions enabled the group to satisfy its 31 May, 2010, loan to value ratio covenant, according to the statement to the ASX.
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