This means money will be returned to MXQ. Less liabilities, means NT will increase, which mean share price will increase.
Looking forward to 20 cents soon.
Drought ends with ASX building sale
CAROLYN CUMMINS September 10, 2009 AFTER a long two years, the drought for commercial property deals has ended with the sale yesterday of the ASX building at 20 Bridge Street. It was bought by the Asian investment group CLSA for about $170 million. It is the first sale of a high quality building in Sydney for more than a year and gives heart to other vendors. The only other major asset being actively marketed is Aurora Place, being sold by Colonial First State. It is valued at about $700 million. In 2006, the German Deka property group sold the ASX building to the now failed Allco-managed Record Realty Trust for $238 million, and in turn $190 million was lent against the tower, on the corner of Bridge and Pitt Streets. It is being sold by the receiver Peter Hedge of Hedge & Associates. A number of buyers have run the ruler over the 13-storey building, including HBOS. Others included the Singapore sovereign wealth fund, the Government Investment Corporation, and LaSalle Investment Management. HBOS is the junior lender with an exposure of about $90 million on the 20,000 square metre building, which is anchored by the Australian Securities Exchange. Record realty, which collapsed with debts of about $1.7 billion, was said to have borrowed about $450 million from HBOS. Property agents said the vendor was looking at a fire-sale price of about $165 million, and anything higher was be considered a bonus.
MXQ Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
