Brierley snaps up Fiji resort

By Phil Boeyen, ShareChat Business News Editor

Friday 27th July 2001

Brierley Investments (NZSE: BRY) is taking 100% ownership of the Denaru Island resort in Fiji, buying out the 60% interest it does not already own.

BIL says the 650 acre island, which is located around 15 minutes from Nadi Airport, is Fiji's premier tourist resort and has significant development potential.

"This encompasses future construction of hotel, condominium and timeshare developments, a shopping centre development and large-scale residential developments for both locals and expatriates," says Brierley CEO Greg Terry.

"For example to date only 87 residential sections out of a potential of 500 residential sites have been released for sale."

The Denarau resort already has just under 1,000 rooms with four hotels along with the championship golf course, tennis courts and a fully operational port and marina.

The co-investors and the two Sheraton Denarau hotels jointly own the 18-hole golf course and tennis facility.

BIL will buy the rest of the resort from a number of New Zealand-based trusts owned by interests associated with Michael Fay and David Richwhite, South Island businessman Howard Paterson and former Fiji resident Peter Thomson.

The transaction is subject to a final sale and purchase agreement, due diligence and various approvals, but is expected to be settled late next month.

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