Star Entertainment puts car park sale in gear
Star Entertainment could set fresh benchmarks with the offer of the car park at its Sydney casino.
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 $300m.
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.
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