Stamford Land forms new sale and purchase agreement to sell Sydney property for $197.3 mil

On this, the option agreement dated Aug 23 has been validly terminated.

Prior to the completion of the sale and purchase agreement (SPA), Sir Stamford at Circular Quay (the lessor) will enter into a lease with Stamford Circular Quay Investments Pty Ltd (the lessee).

Once completed, Sir Stamford at Circular Quay will transfer the lease to JDH Capital Macquarie Street Property. The lessee, Stamford Circular Quay Investments, will continue to operate the property as a hotel for the term of the lease and will pay JDH Capital Macquarie Street Property a nominal rent.

According to the terms of the lease, the lease will be terminated the year after the commencement date of the lease or 90 days after Sir Stamford at Circular Quay ceases to be the owner of the property, whichever takes place earlier.

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Shares in Stamford Land closed 1 cent higher or 2.67% up at 38.5 cents on Sept 23.