Perth-based developer and fund manager Aspen Group has announced the sale of a New South Wales commercial property for $19 million.
Aspen said that its Aspen Diversified Property Fund had settled the sale of the Castle Hill Homemaker Centre, after it was identified as a non-core asset in a review last year.
The company said it would use the proceeds from the sale to reduce its debts and meet its banking covenants.
Aspen reported a statutory loss of $18.3 million for the half-year to December 31 earlier this week, after revenue fell by 17.8 per cent.
At 12:20PM WST, Aspen shares were steady at 22 cents.