Region. $18.5 million sale finalised

Builder and developer, AVJennings has finalised the sale of its contract building division to Sekisui House Australia Holdings Pty Limited, a wholly owned subsidiary of Sekisui House Group, the largest private home builder in Japan. The division was sold for $18.5 million. AVJennings will license to Sekisui House the ‘AVJennings’ brand and associated trademarks for use in the contract building business. Sekisui House has a substantial presence in the Australian property market, having acquired three housing development projects in mid 2009 in Wentworth Point (Homebush Bay) and Camden Hills in NSW and Ripley Valley in Queensland.