As far as I can see the QVB development is $670m on the balance sheet at 30 June 2023. Equity accounted for so all of the construction costs are held in another entity and we cant see a breakdown. Future capex costs for QVB not clear as we don't have the JV accounts, and management only mentioned FY24 CAPEX forecast at 110-120 m which I can only assume excludes any QVB capex. Am I missing something?
If the equity value of the QVB JV is $670m at 30 June for 50% of the project, they may well have enough cash to complete the development within the entity and no more capex is needed from Star at present. Thoughts?
SGR Shorts Position dropping, page-64
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