Update on Sale and Leaseback of Auckland Property

MARKET RELEASE
9 November 2020


Update on Sale and Leaseback of Auckland Property

Cavalier Corporation Limited (NZX: CAV) advises that its wholly-owned subsidiary, Cavalier Bremworth Limited, has served a settlement notice on Kinleith Land and Infrastructure Limited, following Kinleith’s failure to settle the sale and purchase of Cavalier’s Auckland property on 6 November 2020.

Kinleith is in default under the sale and purchase agreement and now has 12 working days to remedy the default.

In the meantime, Cavalier will be exploring all options, including the legal remedies that are available to it should Kinleith fail to remedy the default within the stipulated timeframe. Despite the disappointing development, Cavalier is confident that it will be able to sell the Auckland property, especially with the buoyant property market and the level of interest expressed by other interested parties.

 

Please click on the link below for full details.

 

SaleAndLeasebackAucklandPropertyUpdate9Nov2020.pdf
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