This Month
PGIM hops on private credit boom with $750m fund
The global fund manager’s first local private credit fund has raised $300 million and received an additional $300 million in commitments so far.
- Campbell Kwan
Jon Adgemis’ Paddington pub housing El Primo Sanchez up for sale
The move follows a complex refinancing effort of Mr Adgemis’ Public Hospitality empire involving Deutsche Bank, Muzinich and Archibald Capital’s Ben Madsen.
- Primrose Riordan
- Opinion
- Chanticleer
Steve McCann takes his biggest punt with embattled casino giant Star
As far as turnarounds go, this is bigger than Boral, Bapcor and Seven West Media combined. “I had room for one more,” he says when asked why he took the job.
- Anthony Macdonald
Redcape sells trio of pubs for $136m to meet priority redemptions
Redcape managing director Chris Unger said the group will pay out priority redemptions and provide $40 million of liquidity over the next year.
- Campbell Kwan
UBS has a new suggestion for REIT investors – buy battered Mirvac
The bank’s analysts, in a 65-page overview of the sector, said the market had yet to confront the impact of higher interest rates. It expects two increases.
- Kylar Loussikian
Deutsche gets ball rolling at Public Hospitality recapitalisation
Street Talk understands a new $200 senior lending facility has been put in front of the group’s existing lenders.
- Sarah Thompson, Kanika Sood and Emma Rapaport
June
Stirling Property in talks to buy HomeCo’s McGraths shopping centre
Street Talk understands the trust has been in discussions to offload its McGraths Hills centre in Sydney’s North West to Stirling Property Funds.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Deloitte to verify Keystone payments amid ASIC investigation
Deloitte will be appointed by the Federal Court to monitor and verify payments related to the ongoing management of Keystone Asset Management.
- Updated
- Max Mason
- Exclusive
- Industrial relations
Pay dispute delays construction of 1600 homes
Industrial action by workers at poles and wires company Endeavour Energy is stalling the delivery of 1600 homes and $1.2 billion worth of warehouses in Sydney.
- Campbell Kwan and David Marin-Guzman
- Exclusive
- Superannuation
Keystone lent money to director’s $300m Port Douglas resort dream
Keystone Asset Management, under ASIC investigation, lent money to companies associated with a director’s controversial plan to develop an “uber five-star luxury” resort in Port Douglas.
- Max Mason
Macquarie customer funds caught up in Keystone asset freeze
Customers using its online trading platform Wrap are caught up in ASIC’s investigation of Keystone Asset Management and the freezing of its funds’ assets.
- Max Mason
Former Keystone director ordered to hand over passport
Former Keystone Asset Management director Paul Chiodo has been ordered to hand over his passport as the corporate regulator investigates the use of investor cash at the funds business.
- Max Mason
- Opinion
- Property Observed
‘Eyes wide open’: How to ride the private credit boom
Private credit for commercial real estate has never been stronger. It’s also running into trouble. “All of us need to be eyes wide open and alert. It is real estate and it is credit. Let’s not misprice the risks.”
- Robert Harley
Restaurants and pickleball in, bookstores out: shopping centres rebound
Shopping malls that survived the purge signed up tenants that would draw more shoppers and give them more reason to linger.
- Joe Gose
Trail of pain behind Jon Adgemis’ PHG rescue deal with Deutsche Bank
A dangerous incident two years ago was a sign of things to come for the hospitality baron.
- Primrose Riordan and Sarah Thompson
May
WeWork’s no-drama new owner pitches turnaround
Low-profile software tycoon Anant Yardi sees “tremendous opportunity” in the co-working business after a turbulent bankruptcy.
- Amelia Pollard and Sujeet Indap
- Opinion
- Chanticleer
The two forces driving Lendlease to tear itself apart
For 66 years, Lendlease has been an icon of Australian business. But its global ambitions lie in tatters after a reckoning that’s been coming for decades.
- James Thomson
Barry Sternlicht’s $15b real estate fund limits withdrawals
There’s trouble when an REIT fears it won’t have enough cash to pay investors back because the rate of withdrawals is higher than the amount of money coming in.
- Maureen Farrell
- Exclusive
- Commercial real estate
Lendlease to end global ambitions and put $4b in assets on the market
Lendlease will end all international property development and sell its overseas construction divisions, marking the biggest shake-up at one of Australia’s largest real estate groups in 20 years.
- Aaron Weinman and Anthony Macdonald
- Exclusive
- Pubs
Public Hospitality Group’s Jon Adgemis raided by tax authorities
The company, which owns a sprawling portfolio of pubs, has been attempting to refinance its significant loans with Deutsche Bank in a bid to avert collapse.
- Updated
- Primrose Riordan and Sarah Thompson
