Fletcher Building advises that its Laminex AU business unit has entered into a conditional agreement to sell its property located in Cheltenham, Melbourne, Australia, to Forza Capital for A$53.8 million. Completion of the sale is conditional upon Forza’s satisfactory completion of environmental due diligence and receipt of internal governance approvals by mid-June 2026. If the conditions are satisfied, the transaction is expected to complete by the end of FY26.
Following the sale, the business will occupy the site for a minimum period of three years. This will allow time for a broader review of the manufacturing site requirements for Laminex AU to be completed.
If the sale completes in FY26 then, based on this purchase price, Fletcher Building expects to record a gain on sale of ~A$14m in its FY26 EBIT, net of sales, lease remediation and restructuring costs.
Managing Director and Chief Executive Officer Andrew Reding said “This transaction is a further step in optimising the Group’s property footprint, while providing flexibility to complete the Laminex AU footprint review. It also contributes to the Group’s ongoing capital management objectives.”