MFS close three deals

MFS Limited has completed the sale of over $500 million worth of businesses and properties.

The largest deal, CVC Asia Pacific has completed the $409.2 million purchase of 65% of Stella Group following approval by the Foreign Investment Review Board and New Zealand’s Overseas Investment Office.

MFS received $406 million on completion of the transaction with a further $3.2 million relating to costs reimbursement to be received within 12 months.

MFS’ chief executive Craig White said the transaction will allow MFS to restructure its business and the proceeds will enable MFS to repay its short term debt obligations.

MFS as the Responsible Entity for the PH Sydney Hotel Trust has also settled the $201.6 million sale of Sydney’s five-star Park Hyatt Hotel to a private Japanese investor. MFS had managed the Park Hyatt Hotel on behalf of 2,400 retail investors in the PH Sydney Hotel Trust since September 2005.

Finally, MFS has completed the sale of its interest in the Domain Aged Care Group for a profit of $43.5 million. The transaction also involved loans being repaid to MFS and its associated entities worth approximately $50.2 million.

Australian Property Journal