Bankwest has appointed receivers to a further series of assets owned by companies associated with prominent property developer Luke Saraceni.
Receivers from Ferrier Hodgson have taken control of Saraceni-associated entities Seaport, which owns the Bayside City Plaza shopping centre in Warrnambool; Newport Securites, which holds a 40-hectare property near Margaret River; and Mayport Nominees, which holds strata retail units in Spearwood.
According to the receivers the appointment has come about due to Mr Saraceni's development firm, Westgem Investments, missing a $50 million repayment to Bankwest late last month.
Bankwest appointed receivers to Westgem's $500 million Raine Square development earlier this month.
Each company is a guarantor to the Raine Square development, and Newport Securities and Mayport Nominees have provided second mortgages to Westgem's joint financiers, Bankwest and Bank of Scotland International.
Ferrier Hodgson partners Martin Jones, Andrew Saker and Darren Weaver have been appointed receivers and managers of Mayport and Newport, while Mr Jones and Ferrier Hodgson partner John Lindholm have been appointed receivers and managers of Seaport.
Mr Jones said the appointment of receivers would not have a negative impact on tenants.
"We don't anticipate any disruption to their businesses during the course of the appointment," Mr Jones said.
"In the circumstances, we feel this is an entirely appropriate course of action for the
secured creditor to take to protect its position."
