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CDL Hotels sells Australian properties


Wednesday 13th October 2004

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

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.

The sale is expected to settle on November 30.

Birkenhead Investments is applying for a new lease extension to the Birkenhead Marina facility. If the extension is not granted by the completion date, Intro International would be entitled to hold back payment of $A3.85 million until the lease was extended.

CDL Hotels is a subsidiary of Millennium & Copthorne Hotels and is the largest hotel operator in New Zealand.

The company owns, leases, franchises and manages a portfolio of 28 hotels under the Millennium, Copthorne and Kingsgate brands.

Shares in the company were up 1c at 55c this afternoon, having ranged between 38c and 54c over the past year.

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