Star Casino puts $300m car park sale plans in gear
Gaming heavyweight Star Entertainment has rekindled plans to sell the car park concession at its Sydney casino, sweetening the deal for potential buyers in a move that could reap close to $300 million.
Star tapped Macquarie Capital to offer the car park before the coronavirus crisis struck and after reopening last month it is about to open a data room to deal with bids on the asset.
The company is seeking interest from strategic groups that specialise in car parks and financial buyers who would appoint an operator to oversee the 2800-bay car park that sits beneath its landmark property in Pyrmont.
The area has been slugged by the crisis but visitor numbers are rising and longer term the district will benefit from higher density development, including an apartment and hotel tower above the casino, and projects including Mirvac’s overhaul of Harbourside shopping centre.
This article originally appeared on www.theaustralian.com.au/property.
