Nine Sells Famed Sydney Digs For Squillions To Chinese Property Developers

Nine Sells Famed Sydney Digs For Squillions To Chinese Property Developers

Nine Entertainment Co’s Willoughby office will be sold to a Hong Kong-based property investor Euro Properties for $147.5 million.

B&T Magazine
Posted by B&T Magazine

The sale of the 2.9ha property, which had been Channel Nine’s home for 50 years, is expected to be completed in two years. Nine will be able to remain on the site under the lease for another three years.

Nine will then lease the site for up to three years for $10 million per year, pre-tax, before relocating to new premises.

Nine chief financial officer Simon Kelly said in a statement:  “The move from the birthplace of Australian free-to-Air television is a significant milestone for Nine.

“Our relocation to state of the art facilities will enable us to further optimise our operations as we evolve our business model in a digital world.

“This sale frees up surplus capital which provides us with significant flexibility to pursue strategic opportunities whilst underpinning our program of increased shareholder returns through our previously announced on-market share buyback and enhanced dividend payout policy,” Kelly said.

This deal is subject to approval from the Foreign Investment Review Board.