Property financier formed
NZPA Sydney Chase Corp associate, Jonray Holdings, Ltd, yesterday announced the establishment of a property financier, Devreal Capital, Ltd, which will underwrite and package development finance for commercial properties closing most than sAusts million
(JNZS.9M). The formation of Devreal, which will have an initial paid-up capital of sAustsM, follows last week’s SNZ3OM New Zealand float of Australian Resource Investments — an investment management vehicle promoted by Jonray. Devreal will focus on ar-
ranging commercial development finance for experienced developers in major Australian cities. An estimated sAust3B (5NZ3.548) a year is required to finance Australian commercial property developments and Devreal initially plans to have about 5 per cent of this market.
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Press, 23 July 1987, Page 26
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112Property financier formed Press, 23 July 1987, Page 26
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