Oxley Holdings
- Terminated LOI from Gracious Land for the $950m sale of Mecure and Novotel hotels at Stevens Road after failing to receive the balance 4% ($38m) deposit.
- The group intends to retain the initial deposit of $9.5m, which is non-refundable, and explore other oportunities for the two hotels.
- The deal fallout will cast a shadow on another LOI from US-based real estate fund to buy over Chevron House for $1.025b and throw a spanner at efforts to deleverage its gearing of 2.55x as at Dec '18.
- Trades at 0.97x P/B.
