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?
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