The financial services firm finally sells off a failed property investment as it moves to finalise its merger with Centrepoint Alliance Limited.
Professional Investment Holdings (PIH) has sold its stake in the Brand Smart property group to luxury apartment builder Meriton Group for $37 million.
The group's Parramatta shopping centre property in New South Wales was bought by PIH in 2008.
PIH subsequently paid about $20 million in compensation to clients it advised to invest in the property when it failed to perform.
When PIH announced its merger with Centrepoint Alliance in April, the group had plans to offload the property.
"The decision to sell the property is part of the group's strategy to focus on the business' core functionality - financial services and advice to Australian clients," PIH group managing director Grahame Evans said.
"The timing is also ideal as it was the group's intent to sell the property prior to the proposed merger with Centrepoint Alliance Limited."
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
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