News: Challenger sells Sydney building for $42.5M

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    Challenger Diversified Property Group (ASX:CDI) has inked a $42.5 million deal to sell the Taylors House building, about five kilometres south of Sydney’s CBD.  


    The property trust says the sale is in line with its portfolio enhancement strategy and the sale price is in line with an independent valuation at the end of last year. 


    The Taylors House building is located in Waterloo, was finished in 2001 and includes a retail area, office and college accommodation and basement parking. 


    Challenger Diversified Property Group owns 60 per cent of the building and expects the transaction to settle in late July. 

    The remaining 40 per cent is owned by Challenger Life [a wholly owned subsidiary of Challenger Limited (ASX:CGF)] who launched a $243 million takeover offer for Challenger Diversified Property Group last month. 


    Challenger Diversified Property Group reported a net profit of $15.2 million in the first half of the 2014 financial year.

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