Property syndicator GEK Property looks to cash out at a $12 million premium to its purchase price eight years ago.
The listed property fund has given $2.8m in rental support during pandemic.
While May’s commercial rent payments are an improvement on April, retail and tourism are expected to lag.
The development included a five-star hotel and A-grade office spaces.
The company has let three directors go to cut costs and make way for one from Centuria Capital.
Augusta Property Fund’s $89m transaction was cancelled on March 27.
Covid-19 is considered a force majeure under the agreement with central government.
The buyer isn’t yet known, as Charter Hall pockets $36.9m.
The property fund has lost deposits on two property acquisitions.
The property fund wants to get its LVR out of the low 40% range.