The Townsville Ocean Terminal project owned by City Pacific Ltd was contracted for sale in June 2008 it says in the Annual report.
The settlement of the above project in early 2009 should see $27 million gross proceeds returned to CIY and the funds will be used to pay down debt to the CBA.
Grande Pacific an upmarket retirement cente owned by CIY has met with strong recent demand for units and is causing significant cash inflows and profits to City Pacific allowing loan repayments to be made to the CBA.
With the repayments mentioned above and the Paradise Resort Sale it should be possible to reduce the CIY loan with the CBA from $118 million down to $80 million or less by early 2009. This is all looking really bright for CIY.
The Townsville Ocean Terminal project owned by City Pacific Ltd...
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