Commercial loan and mortgage manager Bluestone Group is in talks to take over the management contract of Irongate Property. In July Bluestone lent $45 million to Irongate.Irongate's ultimate parent company St Laurence was put into receivership in Ap
Commercial loan and mortgage manager Bluestone Group is in talks to take over the management contract of Irongate Property. In July Bluestone lent $45 million to Irongate.
Irongate’s ultimate parent company St Laurence was put into receivership in April.
St Laurence Funds Management, a subsidiary of St Laurence, has been in negotiations with Bluestone Group for it to take over Irongate’s management contract.
Two of Bluestone’s top staff had become directors of Irongate at the time it advanced $45 million to Irongate, but both resigned in recent weeks while talks continued about taking on Irongate’s management contract to avoid a conflict of interest.
UK-based Bluestone founder Alistair Jeffery and Australian based chief executive Peter McGuiness both resigned from positions as Irongate directors on September 24.
“In recent weeks Bluestone have entered into negotiations on an exclusive bases with St Laurence Funds Management and the receiver of St Laurence to acquire the Irongate management contract,” Irongate director Kevin Podmore told NBR.
Bluestone manages $1.5 billion of commercial loans and mortgages in the UK, Australia and New Zealand.
