CDL Hotels sells Australian properties

CDL Hotels has sold a shopping centre and marina in Australia for $A111 million ($NZ120 million).

Sunday, October 17th 2004, 8:37AM

by The Landlord

CDL Hotels said today in a statement it has entered into an agreement through its subsidiary Birkenhead Investments to sell the Birkenhead Point Shopping Centre and Birkenhead Marina facility to Intro International Ltd.

The company said the properties had a value as at December 31 last year of $A102 million and contributed profit before tax and minority interest of $A5 million for the year. The deal is conditional on Intro International getting approval from the Foreign Investment Review Board.

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CDL Hotels sells Australian properties

CDL Hotels has sold a shopping centre and marina in Australia for $A111 million ($NZ120 million).

Sunday, October 17th 2004, 8:37AM

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