Brierley Buys 100% Of Denarau, Fiji, Investment
Brierley Investments Limited Buys 100% Of Denarau, Fiji, Investment
Brierley Investments Ltd is to purchase the remaining interests of the co-investors in Denarau Island, Fiji, a resort with significant development potential.
Denarau Island comprises 650 acres and is located 15 minutes from Nadi Airport on the main Fiji island of Viti Levu. The island, which is connected by a causeway to the mainland, is Fiji’s premier tourist resort and the gateway to the popular outer islands of Fiji.
BIL Chief Executive Mr Greg Terry said that the decision to purchase the remaining 60% interests that BIL did not already own, reflected BIL’s positive view of the future development potential of Denarau.
This encompassed future construction of hotel, condominium and timeshare developments, a shopping centre development and large-scale residential developments for both locals and expatriates, he said.
“For example to date only 87 residential sections out of a potential of 500 residential sites have been released for sale,” he said.
The Denarau resort already has just under 1000 rooms with four hotels along with the championship golf course, tennis courts and a fully operational port and marina, said Mr Terry.
The co-investors and the two Sheraton Denarau hotels jointly own the 18-hole golf course and tennis facility.
Under the banner of Tabua Investments, the New Zealand consortium have successfully developed and sold 82 villas in the Sheraton Denarau Villas project. In addition to two residential developments, it had also facilitated the acquisition of a timeshare site to Worldmark Resorts that had constructed a Trendwest timeshare resort and the Port Denarau marina development to Sir Clifford Skeggs, he said.
BIL was to purchase the 60% interests from a number of New Zealand-based trusts owned by interests associated with Messrs Fay and Richwhite, South Island businessman Mr Howard Paterson and former Fiji resident Mr Peter Thomson.
The parties have reached commercial agreement and the transaction is subject to a final Sale & Purchase Agreement, due diligence and various approvals.
It was anticipated the acquisition would be settled in late August this year.