Genting Malaysia Miami land sale falls through
The buyer requested changes to the US$1.23bn deal.
Malaysia.- Genting Malaysia‘s deal to sell four parcels in Miami to Smart Miami City has fallen through. It was to sell the land to the unit of real estate developer Terra Group for US$1.23bn in cash. However, the buyer decided to end its bid after seeking amendments to the terms of the agreement.
Genting Malaysia said Smart Miami City had requested an extension of the exclusivity period and modifications to commercial terms. However, it remains interested in the Miami land, while Genting Malaysia will explore alternative opportunities for the sale.
Shareholders of Genting Malaysia had given their majority approval for the sale. The land comprises a combined area of 673,691 square feet located near commercial, residential and shopping districts. The company said proceeds from the transaction totalling US$1.0bn, would be allocated towards future investments.
