Stamford Land, on Sept 23, entered into a replacement contract with JDH Capital Macquarie Street Property pertaining to the option agreement entered into on Aug 23.
According to the new contract, a valid binding agreement for the sale and purchase of Sir Stamford at Circular Quay, located at 93-97 Macquarie Street, Sydney, Australia, was formed between both Stamford Land and JDH Capital Macquarie Street. Under the new agreement, the property will be sold at a consideration of A$210.5 million ($197.3 million) with the same terms as the property sale agreement that was entered into on Aug 23.
On this, the option agreement dated Aug 23 has been validly terminated.
Prior to the completion of the sale and purchase agreement (SPA), Sir Stamford at Circular Quay (the lessor) will enter into a lease with Stamford Circular Quay Investments Pty Ltd (the lessee).
Once completed, Sir Stamford at Circular Quay will transfer the lease to JDH Capital Macquarie Street Property. The lessee, Stamford Circular Quay Investments, will continue to operate the property as a hotel for the term of the lease and will pay JDH Capital Macquarie Street Property a nominal rent.
According to the terms of the lease, the lease will be terminated the year after the commencement date of the lease or 90 days after Sir Stamford at Circular Quay ceases to be the owner of the property, whichever takes place earlier.
See also: Send Notif Breaking NewsQA Foreground3
Shares in Stamford Land closed 1 cent higher or 2.67% up at 38.5 cents on Sept 23.
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