RUN Property sale to Rent Express moves closer with payment agreement

The conditional sale of property management group RUN Property and its Agent Plus outsourcing business to Rental Express has moved a step closer, with an agreement reached on payment of a $3.8 million deposit. 

The deposit was due on July 16, with the full sale price in excess of $65 million. 

RUN has confirmed that it received $1.8 million from Rental Express before July 16. 

In consideration of this payment, it has agreed that the balance of $2 million will be payable on or before July 27, with around $1 million due by July 18. 

The sales agreement between RUN and Rental Express is subject to a number of conditions precedent, including that shareholder approve the sale of shares in RUN Property Pty Ltd and Agent Plus Pty Ltd to Rental Express and Heritage Acquisitions Limited. 

RUN expects to convene a general meeting of shareholders for late August 2012 to vote on this sale.