9 Apr 2005

Nauru sells last remaining property asset in Melbourne - report

8:15 am on 9 April 2005

Reports from Australia say Nauru has sold its last remaining property asset in the city of Melbourne.

The Age newspaper reports the former Savoy Tavern was sold this week for US$7.5 million.

The creditors, GE Capital, last year forced Nauru to begin selling off its list of urban commercial property in Sydney and Melbourne.

The largest sum was obtained through the sale of Nauru House in Melbourne.

It was purchased for US$107 million by a fund management company based in Queensland.