Shares in Aspen were higher after the property investment group announced it had sold its 45 per cent stake in residential land development syndicate Fern Bay Seaside Village for $17.6 million.
"Following the repayment of syndicate bank debt and transaction costs Aspen Group expects to receive net proceeds of approximately $2 million," the company said in a statement.
"In addition Aspen Group will extinguish various guarantee obligations in relation to the syndicate of $4.9 million."
Chief executive Clem Salwin said the transaction continued the progress that Aspen was making on its non-core asset sale program, in line with the company's strategy to simplify and focus the business to restore shareowner value.
Settlement is expected in June next year.Aspen shares were up 0.7 cents, or 4.24 per cent, to 17.2 cents at 8.35am.