Aspen’s $33m sale

PROPERTY investment and funds manager Aspen

Group has made a profit after selling an office property

in inner Melbourne for $33.3 million.

The Perth company bought the property on St Kilda

Road for $25 million in November 2004.

Aspen Group managing director Gavin Hawkins

said it was an opportune time for the Group to maximise

on the fully let position of the asset.

He said the sale was in line with Aspen’s stated

strategy of recycling certain assets within its investment

property portfolio into higher grade properties

in primary office markets.

“It is considered an appropriate time for Aspen to

dispose of the asset and recycle the proceeds into other

higher grade investment property opportunities,” Mr

Hawkins said