CHINESE-backed YuHu Group has reached an agreement to extend the settlement period of its $380 million acquisition of the Bakehouse Quarter mixed-use precinct.
YuHu entered into a call option in June last year to purchase the asset, with the option exercisable between July 1 and August 31 2018 and settlement two months late.
It has agreed on an amendment with listed group BlackWall, on behalf of property owner the Kirela Development Unit Trust, with settlement to now occur on February 20, 2019, while YuHu will pay $5 million to extend the option one month up to three times, and will make a pre-payment of the purchase price of $5 million in early December.
As well as the initial $38 million option fee paid in June 2017, YuHu will have paid up to $58 million in call option fees and pre-payments before Christmas if the arrangement proceeds as expected. The payments would be deducted from the $380 million price tag.
Australian Property Journals
