Stamford Land: Signs non-binding MOU for the sale and leaseback for three of its hotel properties: the Stamford Plaza Melbourne, Stamford Grand Adelaide and Stamford Plaza Sydney Airport hotels to an undisclosed purchaser. The net book value of the 3 hotels as at 30 June 2011 is A$148.7m ($188.8m). The indicative sale consideration of A$316m ($401.3m) exceeds the net book value by A$167.3m. Co has highlighted strategic initiatives for capital recycling which do not exclude sale and lease-back of its assets or injection into REITs. Stamford Land has 8 hotels under its portfolio, 7 of which are in Australia and 1 in New Zealand.
In 2008, co had rejected an initial offer for A$850m for all 8 hotels but highlighted that it would focus on investing in property dev and returning surplus funds then. Co now trades at 0.8x P/B
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