Jan 23 (Reuters) - Australia's Abacus Group (ABG) on Tuesday said it is selling two non-core commercial assets in New South Wales at a discounted valuation of about A$107 million ($70.62 million).
The real estate investment firm will sell the Sydney-based assets including an office space to a private investor and a remaining 50% stake in Ashfield Mall to property investment firm Mintus Pty Ltd.
It is selling the assets at a 4.5% discount to their combined June 2023 valuation, the firm said.
The Australian real estate market has been battling with lower demand and higher interest rates, driving firms such as Dexus (DXS) to sell an office building in downtown Sydney at a 16% discount last year.
Abacus is open to further disposal of assets, Group Managing Director Steven Sewell said in a statement.
The company said that the proceeds from the divestment will be used to reduce debt, with proforma gearing - the ratio of its debt to capital - expected to reduce by 1.4%.
($1 = 1.5152 Australian dollars)
News: ABG Australia's Abacus to sell non-core commercial assets for $71 mln
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