IMB announces that its wholly owned subsidiary IMB Land Pty Ltd and its joint venture partner, One Tree Bay Pty Ltd, have disposed of the landholding referred to as ‘One Tree Bay’, located on the south coast of NSW at Sussex Inlet. The sale was made to an unrelated third party for $2.75m under an unconditional contract for sale which completed today after an extended sale campaign that has been in progress since 2012. The sale price achieved is commensurate with the written down value of the asset of $2.5m. The net proceeds from this sale will be applied to the loan from IMB Ltd to the joint venture parties.
Date: 2 October 2013
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