This article is from the Australian Property Journal archive
CITY Pacific and the City Pacific First Mortgage Fund are set to receive a $205 million payment from a borrower.
City Pacific’s managing director Phil Sullivan said the parties have provided a $205 million facility to a borrower to fund a number of development projects throughout the eastern seaboard of Australia.
The loan will be repaid following the completion of the sale of a development site which is the subject of a conditional contract with settlement due in September.
Last month, City Pacific was forced to amend its interim dividend by implementing a staggered payment following delays in settling several transactions.
City Pacific also changed the interim dividend payment date, which was due on April 30.
The 15 cent dividend will now be paid in five equal monthly instalments of three cents commencing May 30.
Australian Property Journal
