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Stamford Land takes A$265m loan for Sydney project construction
STAMFORD Land Corporation on Friday announced that HSH Hotels (Australia) Ltd, as trustee for a trust that it wholly owns, has signed a loan agreement with a major commercial bank for a secured term loan facility of A$265 million (S$277 million).
This will be used to fund the construction of its Macquarie Park Village project, a "resort-style urban village" located in a high-tech business park north-west of downtown Sydney. It will sit atop the Stamford Grand North Ryde Hotel, a Stamford Land property.
The transaction has no impact on the group's earnings per share or net tangible assets per share for the financial year ending March 31, 2016, it added.