Indoor Skydive Australia Group Ltd
(ASX:IDZ) will open its second Sydney indoor skydiving centre at the Entertainment Quarter, Moore Park – near the Sydney Cricket ground and Allianz Stadium.
The company has entered a lease agreement to develop and construct the centre. The initial term for the lease is 20 years, with the potential to extend.
Indoor Skydive also says the agreement is subject conditions such as development approval to build and operate the centre.
Westpac Bank has signed a non-binding term sheet to provide $15.3 million in funding for this project, as well as Indoor Skydive’s other potential opportunities in Malaysia and Hong Kong.
Indoor Skydive reported a net loss of $1.3 million at 30 June 2016.
