8I Holdings (ASX:8IH) is continuing the due diligence process on acquiring a 49.9% interest in property development company Velocity Holdings for $2,329,207.
Due diligence is expected to be completed in the next 30 days.
Velocity is currently engaged in three projects in the Brisbane suburbs of Red Hill and Bulimba. It also has a pipeline of future projects.
Acquisition of Velocity, which is part of its strategy of investing in growth opportunities while allowing existing management to run day to day operations, is expected to take several months to finalise.
