Raine Square builder deal close

Saracen Properties is expected to announce a replacement builder for the $500 million retail and office development Raine Square within the next two weeks.


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Saraceni spoke openly and honestly about the challenges associated with the Raine Square project coupled with the GFC. Given his successful track record surely his bankers would see that they have an opportunity to lead a recovery by showing him that they have the confidence to just let him get on with the job of creating wealth for many including themselves.

Track record is not the only method of evaluation, and certainly not a highly weighted one in this post GFC world, in which capital is scarce. Financial capacity, strength and sustainability of Saraceni would be your key measures.

Hear Hear Peter. Finally a realist. I agree - why should anyone be able to use investors funds (either mum and dad deposits or shareholder funds) without proving capacity and a sound way out? Sounds like Bondy revisited to me, Mark. Without track record though, I expect no-one would have entertained funding a project like this in the first place. Here's a thought, if you don't want to have the input of others, use your own capital to fund your projects.

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