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BLACKWALL LIMITED — Capital/Financing Update 2018
Sep 27, 2018
64590_rns_2018-09-27_96a9f226-3a3e-4ff9-94f3-fefe2288c8e8.pdf
Capital/Financing Update
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ASX Release
28 September 2018
Bakehouse Quarter Sale Update – Option Exercised
As previously disclosed, in June 2017 the YUHU Group entered into a call option agreement in relation to the Bakehouse Quarter and paid a call option fee of $38m. On 31 August 2018 YUHU paid a further $5m to extend the call option by 1 month and vary the settlement terms.
The call option agreement gave YUHU the right to extend 2 further months but today the property owner (the Kirela Development Unit Trust) received a notice from YUHU exercising the call option. The purchase agreement now requires an interim payment of $5m on 14 December 2018 with settlement on 20 February 2019.
The YUHU agreement excludes a parking building at the Bakehouse Quarter that is intermixed with an adjoining property which is held in a separate trust owned by the founder investors in the Bakehouse Quarter. The parking building has been independently valued and it together with residual plant, equipment and materials will now be transferred to the adjoining trust for $12m.
The two sales bring the total realisation of Kirela’s interest in the Bakehouse Quarter to $392m.
For further information please contact:
Stuart Brown (CEO) on 0413 921 570 or [email protected].
Tim Brown (CFO) on 0416 925 376 or [email protected].
BLACKWALL LIMITED (ASX Code: BWF) ABN 37 146 935 131 BLACKWALL PROPERTY TRUST (ASX Code: BWR) ABN 68 450 446 692
50 Yeo Street, Neutral Bay, Sydney NSW 2089 Australia | PO Box 612, Neutral Bay, Sydney NSW 2089 Australia | Tel +61 2 9033 8611 | Fax +61 2 9033 8600 | www.blackwall.com.au