IPMG hoses down speculation on Sydney real estate deal

Hannan’s purchase of the Kimberly Clark site at Warwick Farm sparks speculation of a new printing venture.

The move fired various scenarios ranging from a relocation from the company’s Alexandria site to a joint venture with a leading magazine publisher  on a new green field web site. In a rare public statement Stephen Anstice, general manager IPMG released a copy of an internal announcement in an attempt to gear back the rumour mill. The announcement stated;

I draw you attention to an article on page 60 of today’s Australian Financial Review (27 March 2008).

This property was exchanged last Thursday and we do not take possession until near the end of this year. The properties final use is subject to further analysis which is underway. This could include a future printing plant and/or a variety of other uses.

I agree with the agent who said in the article "the sale presented an opportunity to the purchaser to secure a major industrial facility with vacant possession in Sydney's fastest growing industrial sub-market, the South West."

Please note that this purchase is not for the relocation of Hannanprint.

The company has stated it does not propose to make any further public statements at this time.

In the welter of printing industry buyouts and consolidations in recent times IPMG, the second largest printing company in Australia, has been noticeably quiet. Michael Hannan was famously reported as saying that he could identify no bargains and that in his opinion most printing businesses were over priced.

In recent times he has cashed up the company with the sale of Federal Publishing and the Wentworth Courier to News Magazines