Event Hospitality & Entertainment (ASX:EVT) has agreed to sell Rydges North Sydney for $75 million to a Singaporean entity and High Street Holdings.
Subsidiaries, JD North Sydney Services Pty Limited and JD North Sydney Business have entered an unconditional contract with Event. Proceeds will be used to reduce debt in the short term and provide further funding capacity for other projects.
The sale is expected to be completed on July 24 this year. The Rydges sale will bring Event’s divestments of non-core properties to $250 million.
Proceeds from the property disposal process to-date will total $275.3 million, which represents a premium of around 28 per cent over the most recent valuations of the properties sold.
Event is currently looking to sell the Rydges Rotorua and potentially more non-core properties.
Excluding the Rydges property, the group’s property portfolio is valued at $2 billion.
Shares in Event Hospitality & Entertainment (ASX:EVT) are up 0.4 per cent to $14.50.
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