This article is from the Australian Property Journal archive
CP1 has its 50% shareholding in MP Pacific Investments Pty Ltd as trustee of the MP Pacific Investments Unit Trust.
MPI was a joint venture which owns and operates the Waves Motel at Byron Bay in New South Wales.
At the same time, City Pacific also completed settlement pursuant to a Deed of Settlement with an associate of MPI, MP Investments Nominee Pty Ltd. The joint completion crystallises the separation of assets and interests jointly held with the members of the MP Group.
The effect of City Pacific’s settlement for CP1 is the reallocation of security held by The City Pacific First Mortgage Fund from the Waves Motel to property owned by Marina Cove Pty Ltd to secure a loan worth $17.4 million.
The mutual termination of Marina Cove Pty Ltd’s development arrangements with an entity associated with MP and the assumption of land at Martha Cove owned by an entity associated with MP by the City Pacific First Mortgage Fund where Marina Cove Pty Ltd has provided vendor finance secured by a registered second mortgage over the security property.
Australian Property Journal
