CDL Hotels sells Australian properties

Sunday 17 October 2004

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

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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