This article is from the Australian Property Journal archive
RAPTIS and its joint venture partner CP1 Limited have sold a development site on Ferny Avenue in Surfers Paradise for $30 million.
The site is located immediately north of the Gold Coast International Hotel and is owned by Cira International Pty Ltd, a company co-owned by Raptis and CP1.
Cira also owns the Gold International Hotel which in August was sold to Amalgamated Holdings for $56.50 million. The transaction was settled yesterday after it was delayed, pending the approval from the Office of Liquor Gaming and Racing.
Cira has used the proceeds to retire debt.
Raptis yesterday said subject to due diligence within the next 30 days, settlement of yesterday’s transaction is expected to occur in late November.
Raptis is also expected to lift out of a trading halt in the next fortnight.
The company is currently suspended from trading on the Australian Stock Exchange whilst it tries to renegotiate with creditors, the troubled British financial institution Halifax Bank of Scotland (HBOS); ANZ Bank; St George Bank; and Suncorp-Metway – owed $902 million of which $765 million are current including $669 of interest bearing debt.
The Gold Coast based developer needs to desperately refinance $300 million.
Last month, HBOS’ subsidiary Capital Finance appointed receivers to Lindaning Pty Ltd, one of Raptis’ companies which is developing the $700 million Southport Central project on the Gold Coast.
Raptis shares are currently suspended at 40 cents.
Australian Property Journal
