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Ariadne Australia agrees to sell Brisbane CBD property for $93 million

The company's property joint venture still owns Orams Marine Village in Auckland.
wooden blocks with letters spelling disposal
Shares in the company were up 6% yesterday to 66 cents

Ariadne Australia Ltd (ASX:ARA) through its 50% joint venture entity has agreed to sell 40 Tank Street in the Brisbane CBD for $93.0 million.

Notably, the property’s carrying value was $60.7 million meaning that Ariadne’s 50% share of the uplift, net of completion costs, is estimated to be $14.8 million.

This positive contribution to the company’s financials has been included in its anticipated FY18 result.

Anticipated FY18 net profit $17.6 to $19.6 million

Ariadne estimates that its net profit before tax for the year to 30 June 2018, including the above transaction, will be in the range of $17.6 million to $19.6 million.

This compares to the $76.9 million profit reported for the previous year, which included a $67.1 million gain on the sale of Secure Parking.

Investments, car parks, property

Ariadne is an ASX-listed investment company with operations in Australia and New Zealand.

The company applies a diversified investment strategy with resources engaged in the areas of:

• Investment management and financial services;
• Car park infrastructure operation and management;
• Property; and
• Maritime infrastructure ownership and operation.

Ariadne’s largest assets are its investments in Ardent Leisure Group Ltd (ASX:AAD) and ClearView Wealth Ltd (ASX:CVW).

The company’s balance sheet at 31 December 2017 illustrates its major assets.

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