CP1 has negotiated an extension for its facility of $12 million due on November 27 to February.
In addition, CP1 has negotiated an extension of the $100 million facility of its wholly owned subsidiary, Marina Cove Pty Ltd which was due for repayment on October 31, until February 27.
Meanwhile, Cira International Pty Ltd (Cira), a joint venture company owned by CP1 and Raptis Group, have agreed with Pandanus Beach Investments Pty Ltd to extend the due diligence period under the contract dated September 26 by 30 days.
Settlement of the contract is expected to occur in late December.
Cira will use the sale proceeds to retire debt.
Australian Property Journal
