Volta Properties sells US property to Gladstone Commercial

It spans 16.68 acres with a building size of 215,474 square feet.

Volta Properties, an indirect wholly-owned subsidiary of CSE Global Limited, has entered into a purchase and sale agreement with Gladstone Commercial for the disposal of an industrial property in Texas, US.

CSE Global said the sale aims to free up capital to buy a larger property in the US, supporting its business expansion plans.

The agreed consideration for the disposal is $40m (US$29.25m), considering current market conditions.

The property spans 16.68 acres with a building size of 215,474 square feet.

Whilst no formal valuation was commissioned for the transaction, Volta Properties considered an analysis of comparable properties provided by its broker, Colliers International. The property's current net book value is reported at $24.35m (US$17.8m).

The property is currently leased by another CSE Global subsidiary, CSE W-Industries, Inc., for manufacturing purposes. After the sale, the tenant will continue leasing the property from Gladstone Commercial.

$1 = US$0.73

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