Australasian Property Investments Limited to acquire Matrix’s Property

  • Nov 29, 2019 AEDT
  • Team Kalkine

Matrix Composites & Engineering Limited (ASX:MCE) is pleased to announce that leading Australasian Property Investments Limited (“APIL”) has exercised its option to acquire Matrix’s buildings and leasehold improvement assets for $20 million.

In exercising of the option APIL has paid Matrix a $900,000 deposit with settlement to take place by 28 December 2019. In the settlement 90% of the proceeds will be paid, with the final 10% being paid by April 2020.

The Australian Property will sub-lease the land, buildings and leasehold improvement assets for twenty-year, with options for the company to extend the tenancy arrangements for a further term of fifteen years.

The transaction will help the Matrix to take advantage of new orders and growth opportunities in the emerging Oil & Gas market and take advantage of the company’s diversification strategy.

 

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