Recently, EVTentered into a contract with Moss Nominees Pty Limited Recent acquisition to increase footprint in Sydney
Recent acquisition to increase footprint in Sydney:Recently, EVTentered into a contract with Moss Nominees Pty Limited for the purchase of the properties located at 458-472 George Street in Sydney for the consideration of $116 million. The buildings were leased to several retail and commercial tenants with net rental revenues of approximately $2.45 million per annum. This strategic acquisition is a key milestone as it ensures control of the south-eastern corner of George, Market Streets in Sydney to further crystallize the value through an annualized incremental EBITDA boost of around 1.5 cents per share; and will increase EVT’s footprint in Sydney’s central business district to approximately 4,700 m and an 88-meter frontage on a prime section of George Street.On the other hand, EVT’s H1FY17 revenue dropped by 0.8% while net profit was down 22.6% year on year.
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