PIH offloads property asset
Professional Investment Holdings (PIH), the parent company of Professional Investment Services (PIS), has managed to offload a bulky property asset from its books ahead of its proposed merger with Centrepoint Alliance.
The sale of the property, in the Western Sydney business district of Parramatta, was one of the precursors to PIH’s merger with Centrepoint, which the groups hope to complete later this year.
A PIH subsidiary, Parramatta Site Developments, acquired the shopping centre in September 2008. Professional Investment Services later paid 80 cents in the dollar to clients it advised to invest in the failed development.
PIH has now exchanged contracts for the sale of the Riverbank property with Meriton Group, with PIS chief executive David Johnstone saying the sale price was “significantly above” the balance sheet valuation of $32 million.
The contract is unconditional and scheduled to complete in late November.
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