CP1 and Raptis can breathe a sigh of relief as it looks like their joint venture company Cira International will be able to repay the debt owed to Lend Lease.
CP1 yesterday said Cira has received two contracts signed by prospective purchasers offering to purchase the parcel of land immediately to the north of the Gold Coast International Hotel.
Cira has provided copies of the two offers to John Greig and Nicholas Harwood of Deloitte who were appointed as receivers by Lend Lease last Friday.
CP1 said the purchase prices offered under both contracts are well in excess of the amount required to fully discharge Cira’s indebtedness to Lend Lease.
“The receivers are currently considering the two offers pursuant to their statutory obligations.
“Once the receivers have reached a decision in respect of the sale of the Land CP1 will make a further announcement,” the company said in a statement.
Meanwhile CP1 said Cira’s contract with Pandanus Beach Investments Pty Ltd in respect of the sale and purchase of the land did not become unconditional and Pandanus terminated the contract.
Australian Property Journal
