PALAZZO VERSACE DEAL NEARS CLOSE

Written on the 28 November 2012

PALAZZO VERSACE DEAL NEARS CLOSE

 THE Palazzo Versace sale has gone unconditional, Sunland Group (ASX: SDG) announced today.

Approvals have been granted for the $68.5 million sale and the Benowa-based company says the deal will settle on Friday, November 30.

The company's shares were marginally lower this afternoon, at $1 per unit.

SDG announced the conditional sale, reportedly to a mystery Chinese consortium, on September 20, after putting the hotel on the market in June.

The deal required approval from the Foreign Investment Review Board and also the House of Versace, both of which have been obtained.

Sunland initially sought $80 million for the property, but announced it was “pleased” with the sale price, which represents the “approximate book value of the hotel”.

Funds from the sale will be used to repay the hotel’s borrowings of $27.4 million.

SDG says it wants to focus of its core business of property development and the company has plans for a new Gold Coast venture at Mariners Cove.

Palazzo Versace was the world’s first fashion-branded hotel. 


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