TRINITY Limited has settled on the sale of a significant portion of its property investment at Cumberland Lorne Resort in Lorne Victoria for $9.1 million.
The sale transaction was structured across three contracts and included 23 apartments, the conference centre, the resort manager’s apartment and the management company which owns the management rights for the Cumberland Lorne Resort.
The O’Brien family of Michael O’Brien Catering Pty Ltd were the purchasers of the Lorne Resort assets. The resort management company and conference operations will be owned and operated by Michael O’Brien Catering Pty Ltd.
Most of the net proceeds from the sale will be applied to reducing Trinity’s debt facilities with National Australia Bank.
Following the settlements, Trinity will own 14 apartments at the resort, which are being marketed for sale individually. The sales process is expected to take up to two years with focused marketing efforts over the 2013-14 and 2014-15 summer periods.
Property Review
