Girvan project sale
NZPA-AAP Sydney Girvan Corporation said it has sold 65 per cent of its Chatswood Connection project in Sydney for sAust2o - million (SNZ26M). The stake has been purchased by a consortium consisting of a major overseas developer and several Australian institutions. Girvan, the parent of Girvan Corp (New Zealand), formerly St Martins
Properties, will construct stage one of the project and said it is expected to retain the construction contract for phase twp. The announcement follows the sale of a number of other projects, including the Peppers-On-Sea at Terrigal in New South Wales for sAust9sM (SNZI26M), Studio City in Sydney for sAust72M (SNZ94M) and a Parramatta office building for sAustlB.sM (SNZ24.6M).
Girvan said sAust23oM (SNZ3O6M) had been raised from the sale of these and other investments. “The sale of the interest in Chatswood Connection is expected to be followed by shareholder approval of the conversion of convertible notes and retirement of the balance of notes which will reduce debt by sAust4s.4M (SNZ6O.SM),” Girvan said in a statement.
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Press, 13 December 1989, Page 44
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169Girvan project sale Press, 13 December 1989, Page 44
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