SINGAPORE (May 26): Roxy-Pacific Holdings announced Friday that wholly-owned subsidiary Roxy-Pacific Goulburn has entered into a heads of agreement to sell its freehold property at 59 Goulburn Street in Sydney to Fortius Funds Management for A$158 million ($164 million).

Roxy-Pacific says it had an earlier heads of agreement with a joint venture between I-Prosperity Group and Toga D&C.

However, the parties involved have decided not to enter into the definitive sale agreement and will not be proceeding with the proposed sale to the initial purchaser.

Roxy-Pacific says the Fortius sale is subject to the findings of the due diligence exercise to be carried out by Fortius.

It adds that it will announce any material developments to the Fortius Sale as and when appropriate.

Shares of Roxy-Pacific last closed at 50 cents on Thursday.