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Stamford Land's proposed disposal of Sir Stamford in Sydney unable to proceed

Felicia Tan
·1-min read

Under the terms of the replacement contract, JDH Capital has up to Jan 19, 2023, to complete the sale of the property.

Stamford Land, on Dec 27, announced that JDH Capital is unable to complete the acquisition of Sir Stamford at Circular Quay, located at 93-97 Macquarie Street, Sydney, Australia, by December.

Under the terms of the replacement contract, JDH Capital has up to Jan 19, 2023, to complete the sale of the property.

The replacement contract was entered into on Sept 23, where a valid binding agreement for the sale and purchase of the property was formed by both companies.

Under the new agreement, the property will be sold at a consideration of A$210.5 million ($197.3 million) with the same terms as the property sale agreement that was entered into on Aug 23.

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Shares in Stamford Land closed 0.5 cent higher or 1.41% up at 36 cents on Dec 27.

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