Stamford rejects $134m bid for Dynons

Singapore-listed Stamford Land Corporation has declined a $134 million offer for the Dynons Plaza in Perth's central business district.

In a statement to the Singapore exchange, Stamford said one, unnamed company, was shortlisted out of several bidders.

"The due diligence and dealing exclusivity period afforded to such party has lapsed, thus opening the door to other prospective investors," the statement said.

"We are pleased that Dynons Plaza has attracted unqualified expressions of interest from numerous top-notch Australian and international investors," said Stamford chief operating officer Tay Lai Wat.

"We continue to seek the best terms and pricing available, and shall review our options and decide in due course."

"We are in no hurry to press ahead with sale of this newly completed Grade A office development, that comes fully leased for 10 years to Chevron Australia," he said.

See company statement below:

Stamford Land Corporation Ltd ("Stamford"), Australasia's largest independent owner/operator of luxury hotels and developer of top-tier, landmark residential and commercial properties, is pleased to announce the successful conclusion of the Expressions of Interest campaign for its Dynons Plaza office development in
Perth, Western Australia.

Stamford appointed Savills to market Dynons Plaza internationally through an Expressions of Interest campaign targeted at Australian and international investors from April 2010. One party was initially shortlisted out of several bidders, for a limited period of due diligence and dealing exclusivity on the Perth properties. At this point in time, Stamford has decided not to proceed with the terms proposed by such party, including their indicative offer price of A$134M. The due diligence and dealing exclusivity period afforded to such party has lapsed, thus opening the door to other prospective investors.

Stamford's Chief Operating Officer Mr Tay Lai Wat noted, "We are pleased that Dynons Plaza has attracted unqualified expressions of interest from numerous top-notch Australian and international investors. We continue to seek the best terms and pricing available, and shall review our options and decide in due course. We are in no hurry to press ahead with sale of this newly completed Grade A office development, that comes fully leased for 10 years to Chevron Australia."