Elders to invest in U.S property
NZPA-Reuter Dallas Mr John Elliott’s Elders Finance group is teaming up with a Texas firm to invest in U.S. real estate properties distressed when oil prices went under, officials said on Monday.
The Melbourne-based Elders Finance and International Investments Advisors of Dallas have formed a partnership which will target foreign money to acquire and manage undervalued real estate projects, said Mr Fred Brodsky, president of the Texas Real Estate Company. The new joint venture, called the AUS group, will look for moderately distressed real estate invest-
ment opportunities in Atlanta, San Diego, St Louis, Kansas Qty, Denver and the Dallas-Fort Worth area, he said. The real estate markets of the Dallas-Fort Worth area and Denver now are in a downturn because of depressed oil prices and that means • there. are prime properties available, Mr Brodsky said. Elders joined International Investment Advisors to purchase an 11 hectare development on the west side of downtown Fort Worth a year ago, officials said. The property eventually is to be developed as a mixed-use commercial building complex worth SUS2SO million (SNZ3B2 million).
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Press, 7 October 1987, Page 46
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184Elders to invest in U.S property Press, 7 October 1987, Page 46
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