Raine Square rift deepens

Receivers for troubled office development Raine Square say project financiers Bankwest and Bank of Scotland gave the developer, Westgem Investments, ample opportunity to meet its debt obligations, but Westgem chief Luke Saraceni says Bankwest would not discuss refinancing options.


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If the office component is fully leased going forward and the building 80% complete only a Bank would be silly enough to interfere in these commercial arrangements. Their actions may well be grounds for prospective tenants to exit their contracts. Finally would anyone in their right mind consider Korda Mentha more experienced in property development than Luke Saracini? Bank West (read Commonwealth Bank) have set back this project by years I would think and depleted the value of their own security. The State Government should reclaim Bank West and send the Commonwealth Bank into their slow lane in Sydney

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