Coates Hire auctions WA sites to lease them back 6 March 2009
Coates Hire says it will auction seven of its sites in Western Australia then lease each of them back.
The Carlyle Group and Kerry Stokes’ National Hire Group, which bought out Coates Hire a year ago, are selling land in regional and metropolitan WA with properties in Kwinana, Port Hedland, Kalgoorlie, Newman, Tom Price, Kambalda and Collie.
The properties are expected to raise more than $15m.
Coates says each of the properties will be leased back to the equipment hire group on a 12-year lease, for rents ranging from $35,000 to $580,000 per year.
The seven properties will be auctioned on March 11.
NHR Price at posting:
$1.61 Sentiment: None Disclosure: Not Held
