EVT Flags AU$800 Million Non-Core Asset Divestment; Shares Up 10%

MT Newswires Live

Aug 24

EVT (ASX:EVT) has identified about AU$800 million of non-core property assets for potential divestment over the next three years, according to a Monday Australian bourse filing.

Key assets include Sydney's George and Market Street precinct, where development approval has boosted its value, and 525 George Street, which is already being marketed for sale, per the filing.

The portfolio also includes selected hotels and two small freehold properties in Germany, with sales to be pursued on a value-first basis, subject to market conditions, the filing said.

Proceeds are expected to fund hotel expansion and potentially support special dividends, the filing added.

The company's shares rose around 10% in recent Monday trade.

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