Asset sales boost FKP

FKP’s share price has jumped 47% since FKP: Result 2013 from 22 Aug 13 (Speculative Buy – $1.38) as assets sales give creditability to its simplification strategy. Since the full year results – in which it outlined $200m of assets under exclusive due diligence – FKP has finalised the sale of 399 Lonsdale St Melbourne for $32m, the $28m sale of half The Milton apartment development in Brisbane and the $18m sale of an undeveloped section of its master planned Point Cook, Victoria project. The sales were above book value and we’d expect more by year end. Proceeds are being...

FKP’s share price has jumped 47% since FKP: Result 2013 from 22 Aug 13 (Speculative Buy – $1.38) as assets sales give creditability to its simplification strategy.

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