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Abacus Property Group (ASX:ABP) and South Africa’s Kirsh Group are poised to divest Birkenhead Point outlet centre & marina in Sydney to Mirvac Group (ASX:MGR).
Abacus and Kirsh Group inked a deal to buy the property in mid-2010 for $174 million and have now inked a deal to sell it for $310 million.
Abacus Managing Director Dr Frank Wolf says the company transformed an intricate asset to create a high quality institutional grade property.
Mr Wolf advises the property was acquired on the back of strong fundamentals but with a clear strategy to enhance the assets.
The assets have since been upgraded and developed to create a retail shopping centre and fashion outlet centre and the marina is in the final stages of upgrade.
Settlement is expected to occur in November 2014.
Abacus Property Group reported a net profit of $107 million in the 2014 financial year.
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