This article is from the Australian Property Journal archive
CITY Pacific has hereby declared the settlement of the $18 million sale of Breakwater Pacific Pty Ltd to an interest associated with United Kingdom financier Lord Michael Ashcroft KCMG.
Breakwater Pacific is the registered owner of Townsville’s Breakwater Marina.
City Pacific has also entered into an agreement to sell the right to develop the Townsville Future Development Area with the Purchaser for a sum of $20.3 million.
In addition, the company has also received the release of bank guarantees of $9.2 million.
City Pacific shares closed 0.005 cent lower at 28.5 cents.
Australian Property Journal
