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27 October 2005
Lend Lease And GPT Sell Sunshine Coast Resort
Lend Lease Corporation Limited (“Lend Lease”) today announced that its subsidiary, Lend Lease Development Pty Limited, and The GPT Group (“GPT”) have exchanged contracts for the sale of the Twin Waters Resort to listed property company Abacus Property Group for $58 million.
The sale of the Sunshine Coast resort also included the sale of management rights of two neighbouring resort villages for an additional $3.5 million to Accor Asia Pacific, the resort’s manager.
The management rights comprise the Lend Lease/GPT owned Twin Waters Coastal Community for up to $1 million and the Lend Lease wholly-owned North Shore Coastal Village for $2.5 million.
Lend Lease and GPT purchased Twin Waters Resort and Golf Course in August 2003. The golf course was sold in June 2005 to a specialist operator for $7.9 million.
Settlement of the sale is expected to occur in the first half of 2006. Twin Waters Resort is owned 51 per cent by Lend Lease and 49 per cent by GPT.
Lend Lease and GPT have retained a beachfront site at Twin Waters Resort and have approval to develop 64 dwellings, comprising apartments, houses and villas on the site.stock exchange
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