19/12/2007 - 10:21

Aspen buys Monkey Mia Dolphin Resort, more office & retail

19/12/2007 - 10:21

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Aspen Group Ltd has taken full ownership of the Monkey Mia Dolphin Resort, after taking up the remaining 50 per cent stake in the resort for $9.5 million.

Aspen Group Ltd has taken full ownership of the Monkey Mia Dolphin Resort, after taking up the remaining 50 per cent stake in the resort for $9.5 million.

Aspen previously acquired a 50 per cent interest in the property in December 2005 for its Aspen Parks Property Fund portfolio.

The company said the acquisition still required the appropriate assignment of lease consents.

In addition, Aspen's Diversified Property Fund has acquired the Shellharbour City Plaza office and retail complex near Wollongong in New South Wales for $8.3 million, and two office buildings at Lane Cove, Sydney, for a combined consdieration of $17 million.

Shellharbour City Plaza provides 1,318sqm in office and 1,674sqm in retail area along with the attraction of a basement car park.

Key tenants include the Department of Community Services and Rebel Sport.

At Lane Cove, the two adjoining properties were acquired in one transaction from Colonial First State Global Asset Management's Direct Property Investment Fund.

The office facility at 2 Apollo Place, provides 4,095sqm of net lettable area complemented by 98 parking spaces.

The property is fully leased to Optus Administration Pty Ltd as a data recovery centre.

The neighboring office facility at 3 Apollo Place, is similar in size with 3,480sqm of net lettable area and basement parking for 69 vehicles.

The building is fully let to Steinhoff Asia Pacific Limited who trade in Australia as Freedom Furniture.

Aspen said the acquisitions were in line with each fund's investment objective and would add a further $34.6 million to its total assets under management, which now exceed $1.3 billion.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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