PPK Group Limited (PPK) is pleased to announce that it has entered into binding contractual agreements in relation to its industrial property at Arndell Park. The property has been leased for a term of five years with two five year options at a commencing rental of $1.1 million per annum plus outgoings with minimum annual 4% increases.
Contemporaneously, the parties have entered into Put and Call Options which, depending on the decisions of the purchaser and PPK, have an effective end date of 15 July 2014. Assuming an exercise of either the Put or the Call Option, the net proceeds of sale will be approximately $12.2 million against a book value of $12.7 million giving rise to an impairment of $500,000.
Tags: Asset Sale, PPK, PPK Group
