Engineering and construction contractor Decmil Group has sold its Osborne Park headquarters to Primewest Funds for $27.5 million.
In a brief statement today, Perth-based Decmil said the sale of the Herdsman property was subject to Primewest, a wholesale property syndicator, raising funds to complete the acquisition.
“The property is non-core to Decmil’s construction and engineering operations,” Decmil said.
“The funds will be added to general working capital and to fund various strategic opportunities currently being pursued across the group.”
The sale is expected to settle by the end of June, with Decmil extending its lease in the eight-level building, which was built in 2012 and comprises 2,173 square metres.
Decmil shares were 0.5 per cent higher to 87.5 cents each at 10:45am.