Aspen Group says it has sold its 50 per cent stake in the new Australian Taxation Office building in Adelaide and adjacent Adelaide City Central precinct development site.
The ATO building transaction is worth $29.5 million to Aspen net of debt obligations while total proceeds from the ACC site sale is $12 million.
Charter Hall Group will take on the asset and property management for the ATO Building while also taking a development management role over the GPO and surrounding development sites.
The balance of the properties will continue to be owned by Telstra Super Scheme.
Settlement on the deal is expected by the end of April.
Aspen chief executive officer Clem Salwin said the sales were part of the company's strategy of simplifying the business and focusing on value-for-money accommodation.
"The sale of the complex Adelaide City Central development site means that the disposal program for non-core development assets is now substantially complete," he said.
"The sale of our interest in the Adelaide ATO Office Building is the first transaction of our commercial property portfolio sale program.
"Although the majority of proceeds are expected to be utilised for debt reduction, these sales put the business in a stronger position for both commencing capital management initiatives, as well as potential reinvestment in the business."
Aspen shares were off 2.5 cents, or 1.99 per cent, to $1.23 at 12.05pm.