Property snared as part of Allied Farmers' deal with finance company Hanover has been sold, netting the company $3.4 million cash.The company advised today that part of the money would be applied to debt reduction.Allied confirmed today the sale of sectio
Property snared as part of Allied Farmers' deal with finance company Hanover has been sold, netting the company $3.4 million cash.
The company advised today that part of the money would be applied to debt reduction.
Allied confirmed today the sale of sections in Queenstown, an industrial complex in Wauchope in New South Wales and another confidential property transaction.
Managing director Rob Alloway said he was delighted with progress to date.
“The volume of enquiries and sales, and prices being offered, reflected a return to confidence in well located developments,” he said.
Allied acquired a number of properties from Hanover Finance and United Finance in December last year.
Mr Alloway said significant progress was also being made in the realisation of a number of other assets acquired from Hanover and was hopeful of further announcements shortly.
Allied’s share price rose on the nearly15% on the news and was trading at 79c this afternoon (NZX:ALF).
