The confirmation came in an ASX statement from The Star today following a story in the Financial Review yesterday.
The Star owns the largest single share of the precinct, at 50 per cent, with Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC) owning the other half, 25 per cent each.
The precinct currently includes The Star Brisbane and its 3,500m2 Event Centre, The Star Grand hotel and restaurants and bars. Still to come is Australia’s first Rosewood and a Dorsett hotel.
In today’s statement, The Star said it had already “received several confidential, indicative and non-binding proposals” from its two co-owners within the Destination Brisbane Consortium (DCB) that is developing the Queen’s Wharf precinct.
“The board of The Star has assessed each of the CTFE and FEC proposals received to date, and after careful consideration (which has included external advice) concluded that none of the proposals have provided sufficient value for The Star,” said the statement.
“The Star continues to engage with CTFE and FEC to ascertain whether a sale of The Star’s 50 per cent interest in DBC can be negotiated on terms satisfactory to The Star. There is no certainty that any transaction will be concluded.”
In its share market statement this morning The Star reiterated that it is looking to boost its available cash and that if it does not, “there remains material uncertainty as to the group’s ability to continue as a going concern”.
In January, The Star announced it had reached an agreement to sell its Sydney Event Centre to Foundation Theatres for $60 million, with completion of the sale targeted for the end of this month.
