Kangaroo Island Plantation Timbers (ASX:KPT) has entered into an agreement to subdivide 150 hectares of arable land from its Vinkepas property, a former eucalypt plantation, and to sell the resulting subdivided area for $230,000 plus subdivision costs, to be borne by the purchaser.
Final settlement of the sale of the property on Kangaroo Island, South Australia, is scheduled to occur in mid-2014, upon completion of the subdivision process.
The sale price represents 81% of the property’s pro-rata carrying value in the company’s accounts.
KPT intends to market the remainder of Vinkepas and another property for sale or lease as agricultural land in 2014.
Kangaroo is capitalised at around $2 million.
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