Home Finance & Economy Property developer Tony Denny buys $3 million in McGrath shares

Property developer Tony Denny buys $3 million in McGrath shares

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Photo source: The Daily Telegraph. Photo: Mark Scott.

Millionaire property developer and former car sales man, Tony Denny CEO of Central Real, now holds a 5.05% stake in McGrath.

This has come after reports that Denny is currently working with McGrath’s central coast office to market and sell his recent sold out apartment development, Vue at Gosford, which is still in construction.

A spokeswoman for Central Real has said that Denny has purchased the 5% shareholding as a “passive long-term investment”.

John McGrath has praised Denny after he made the decision to half the 10% deposit to buy into Vue, specifically to assist first home buyers. “He’s not a developer looking to make a quick buck here,”

As shown by an ASX initial substantial holding notice, Denny purchased two portions of shares on the 12th and 20th of this month, totalling at $7.2 million.

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It is likely that the shares were acquired from Perpetual, McGrath’s largest institutional backer, as they sold $2.5 million in shares on the 12th of this month, reducing their stake to 11.6% from 14.2%.

Source: The Australian / AFR