Last week Finbar completed the sale of 64 apartments on the...

Last week Finbar completed the sale of 64 apartments on the first 4 floors of Aire that are destined to become a Sebel Hotel serviced apartment operation.

A nice bit of cashflow prior to EOY.

See report below published in the West Australian late last week.

The Sebel opens in Aire Apartments
Susan de RuyterThe West Australian
Thursday, 7 June 2018 2:45PM

Camera IconThe Sebel West Perth will occupy the first four levels of Finbar’s Aire Apartments in West Perth.Picture: supplied Finbar
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The sale of the serviced apartment hotel component of Finbar’s Aire Apartments to Singapore-based ZACD Group settled last week for $12.5 million.
Asset manager ZACD is preparing to open a new serviced apartment hotel in the $125 million Murray Street development at the end of this month.
The property, to be operated by Accor Hotels under The Sebel brand, will be known as The Sebel West Perth Aire Apartments.

The off-the-plan sale of 64 studio apartments was arranged through agents Glenn Millar of Resort Brokers Australia and Steve Dawson of Prime Resort Sales. Mr Millar said the property sold quickly, with ZACD outbidding Australian-based companies to secure its first purchase in Perth.
“ZACD and The Sebel have gained prime position in the Perth market, on the CBD fringe close to Perth Arena, key tourist attractions and large-scale corporate headquarters,” he said.
“The property held strong appeal for investors and operators because (the) ... location aligned to both the corporate and leisure guest profiles.”
ZACD is now in the final stages of fine-tuning the fit-out in readiness for a planned soft opening of the boutique serviced apartment hotel on June 30.
The hotel occupies the first four levels of the 22-level Aire West Perth apartment tower.
Rooms range in size from 33sqm to 42sqm and facilities include a dedicated lift lobby, undercover parking and a fourth floor conference room.
Resort-style amenities, which are shared between The Sebel guests and residents, include a 22m heated lap pool, 1000sqm pool deck, gym, sauna, barbecue and outdoor dining area.