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- Sunland Group (SDG) signs deal to sell The Lanes, its retail development area in Mermaid Waters, for $45.8 million
- Following an introduction to the buyer through Kollosche Commercial, Broadbeach, the sale was arranged off-market
- Panthera Group, an established future-focused retail investment, technology, development and management firm located in New South Wales, is purchasing the site
- Panthera will pay Sunland a deposit of $4.58 million, with Sunland Group to make an after-tax profit of about $26.3 million if the $45.8 million deal is completed
- Shares in SDG are up 3.88 per cent to $2.68 at 12:30 pm AEDT
Sunland Group (SDG) has signed a contract for the sale of its retail development precinct known as The Lanes, located in Mermaid Waters, for $45.8 million.
The centre lake is part of the acreage being acquired. Following an introduction to the buyer through Kollosche Commercial, Broadbeach, the sale was arranged off-market.
Panthera Group, an established future-focused retail investment, technology, development and management firm located in New South Wales, is purchasing the site.
Panthera will pay Sunland a deposit of $4.58 million, with Sunland Group to make an after-tax profit of about $26.3 million if the $45.8 million deal is completed.
The retail project will be placed within the Lanes Residences development and will eventually accommodate around 3000 people.
Panthera is bound by the contract to develop the site in line with the authorised development plans for the retail precinct.
Sunland has agreed to supply certain criteria related to the development permit, such as the leased space, parking and residential beds available under the development approval.
The benefit of any current leasing agreements concluded by Panthera to date, as well as any subsequent leasing arrangements executed by Panthera and Sunland up to settlement, shall be allocated to SDG.
Sunland will proceed with the Lanes Retail development in line with the development permissions until the lot is sold, including subdividing the total area to form the lots being acquired, which is a condition prior to settlement.
Settlement is to take place 90 days after Panthera provides title to the land or on March 20, 2022, whichever comes first. However, Panthera has the option to push the settlement ahead.
Sunland may utilise the proceeds from the transaction for working capital, debt repayment, and returning net asset value to shareholders, or a mix of these.
Shares in SDG are up 3.88 per cent to $2.68 at 12:30 pm AEDT.
