This article is from the Australian Property Journal archive
GEO Property Group has completed the sale of its non core development projects.
GEO has sold out at its Silverstone, Tweed Heads NSW and Walana Valley, Mona Vale NSW projects.
With the selling out of Silverstone and Walana Valley, GEO has completed its exit from non-core development projects.
In addition, GEO has also sold out at Northridge, Ormeau and Northlakes in Queesland.
Meanwhile GEO has agreed with its lenders that any breaches of these security provisions will not be counted as a default under the facility so long as the facility is restructured by June 30 2010 to reflect GEO’s changed position.
In return, GEO has agreed to pay a restructuring fee and the facility’s pricing has been increased to market level. The facility limit has been reduced by $50 million to $150 million and the drawn amount as at next week will be $68 million.
GEO has investment properties with an approximate value of $43 million.
GEO has also bought a development land at Lot 205 Pulgul St Hervey Bay, Queensland for $2.5 million. This property is a 140 lot medium density development of which the vendor has already built and sold 60 lots.
Australian Property Journal
