- Autosports (ASG) enters into an agreement with Dexus Wholesale Management to acquire the land in Fortitude Valley in central Brisbane, Queensland
- Through its subsidiary Prestige Group, the prestige and luxury automotive dealership group will purchase the land and buildings at 586 Wickham Street and 10 Light Street
- The company will spend $98 million, including stamp duty, which it intends to fund using existing financiers and cash reserves in an 80-20 per cent split, respectively
- Completion of the acquisition is anticipated to take place before June 15, 2023 and will bring the company’s total property holdings to approximately $196.6 million
- Shares in Autosports end the day 2.51 per cent in the green to close at $2.04
Autosports (ASG) has entered into an agreement with Dexus Wholesale Management to acquire the land in Fortitude Valley in central Brisbane, Queensland.
Through its subsidiary Prestige Group, the prestige and luxury automotive dealership group will purchase the land and buildings at 586 Wickham Street and 10 Light Street.
The 7793 square metre purpose-built automotive dealership comprises of showroom, service and parts facilities and provides operational synergies with several brands represented at this central Brisbane location.
It is home to its Audi, Bentley, Lamborghini and Maserati businesses.
The company will spend $98 million, including stamp duty, which it intends to fund using existing financiers and cash reserves in an 80-20 per cent split, respectively.
This will bring Autosports’ total property holdings to approximately $196.6 million.
Since 2016, Autosports has occupied the 586 Wickham Street property under a lease
from Dexus through its wholly-owned subsidiary, ASG Brisbane.
The lease expires in 2026 and has two additional five-year options. On settlement, the company believes it will save the group rental payments and tax surcharges which were passed on to the tenant as an outgoing.
Completion of the acquisition is anticipated to take place before June 15, 2023.
Shares in Autosports ended the day 2.51 per cent in the green to close at $2.04.