$10M Aust venture
PA Wellington Two New Zealand listed companies have formed a 50/50 joint venture company to purchase and redevelop a shopping centre in Brisbane at a total cost of about sAustB.s million (SNZIO.6 million). The two companies, Fortuna Corporation, Ltd, and General Properties Corporation Ltd, announced the purchase and proposed redevelopment yesterday.
The 5000 square metre shopping centre is at Springwood, one of the fastest growing suburban areas of Brisbane.
General Properties’ managing director, Mr Bryce Barnett, said the purchase represented a further expansion of the company’s activities in Australia.
Fortuna’s director, Mr David Gold, said the joint venture was part of his company’s strategy of strengthening its invest-
ments in bricks and mortar.
It would be in partnership with a company which had the expertise to undertake the modernisation and redevelopment needed.
General Properties’ Australian division will supervise the redevelopment, said the statement. The purchase and redevelopment is being funded by National Mutual Royal Bank, Ltd, and the Bank of New Zealand in Australia.
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Press, 14 October 1986, Page 31
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167$10M Aust venture Press, 14 October 1986, Page 31
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