UK financier and white knight Lord Michael Ashcroft KCMG has completed due diligence over the Townsville Ocean Terminal project.
Meanwhile, Lord Ashcroft has also provided a replacement bank guarantee to City Pacific in respect to the sale of the Townsville Future Development Area, in order to allow the release of City Pacific’s bank guarantees in the amount of $9.2 million.
City Pacific said settlement will be announced soon.
Last week, City Pacific sold its property and marina interests to Lord Ashcroft for $38.3 million.
Australian Property Journal
