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Bluestone Completes Queenstown Residential Development Financing
31 August 2011
Bluestone has further expanded its New Zealand business with the provision of a $6.3m mezzanine finance and working capital facility to support the acquisition of 23 residential lots at Bendemeer in Queenstown from Rakaia River Holdings (In Receivership). Bendemeer is one of Queenstown’s iconic high end residential development land sites with 43 lots spread over 110 hectares. The transaction represents one of the larger assets sold by PwC in their capacity as Receivers of Strategic Finance Ltd following the collapse of the finance company in March 2010.
In keeping with Bluestone’s business model, Bluestone Asset Management NZ Ltd (BAM NZ) has also been appointed as a manager to the acquisition vehicle and will be responsible for the day to day management of Bendemeer, overseeing subsequent investment in the development and setting the strategy for realising value in the sites over time. Bluestone Asset Management NZ Ltd expects to appoint domestic and international sales agents in the coming weeks, together with the development of a marketing campaign to re-energise the development.
BAM NZ provides asset management services, loan collection services and loan resolution strategies for consumer portfolios and real estate anchored investments in New Zealand. Where appropriate, Bluestone Capital Management NZ Ltd (a sister company to BAM NZ) is also able to arrange financing to support the acquisition or recapitalisation of consumer finance or real estate opportunities.
Further information on Bendemeer can be found at www.bendemeer.co.nz
Further Details
Bluestone Group is a provider of asset and capital management services with offices in Australia, New Zealand and the UK. The main business strategy is to finance, acquire and manage portfolios of loans in partnership with capital partners. The business was established in 2000 as a residential mortgage lender, before expanding into reverse and commercial mortgages in subsequent years, and launching a servicing subsidiary in 2007. At the year ended Jun, 2010, Bluestone has total assets of A$1.36b and reported a profit after tax of A$6.5m.
