ASPEN Group has sold its interest in the Fern Bay Seaside Village in Newcastle for $17.6 million.
Aspen managed the residential land development and held a 45 per cent equity stake.
Following the repayment of syndicate bank debt and transaction costs Aspen Group expects to receive net proceeds of about $2 million.
Aspen chief executive Clem Salwin said that the sale is in line with Aspen's strategy of selling non-core assets.
PRICE: $17.6m
SELLER: Aspen Grou
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