Receivers sell Bathla developments for $3.4B debt
By Brie CarterKey points
- Receivers listed the first two property sites of the collapsed developer Bathla to pay down debts owed to creditors.
- Lender Centuria Capital Group froze fund redemptions after Bathla failed with $3.4 billion in liabilities.
- Advisers plan to market six completed and undeveloped projects across New South Wales and Victoria by year-end.
Receivers for the collapsed Sydney home builder Bathla have listed two north-west property sites for sale to repay $3.4 billion in debts owed to lenders and subcontractors.
The developer collapsed in August with a 14,000-home construction pipeline in limbo, placing finished and unfinished developments into receivership.
"With respect to Rouse Hill, we expect there will be a lot of interest from both the institutional buyers and also individual homeowners with regard to the quality of the product and located in a growth corridor in western Sydney," said FTI Consulting Senior Managing Director Joseph Hansell.
FTI Consulting appointed real estate firm CBRE to market 255 unsold units in the 339-apartment Sanctuary Quarter project in Rouse Hill, while Cushman & Wakefield manages the sale of an undeveloped 3,552-square-metre block in Baulkham Hills previously bought for $12.2 million.
Following the announcement, the Centuria Capital Group (ASX:CNI) share price was down at $1.19.
Centuria Bass Credit provided over $280 million in debt financing to Bathla across the Rouse Hill and Baulkham Hills development projects.
The private credit firm temporarily froze investor redemptions in two property credit funds following a surge in withdrawal requests triggered by Bathla's collapse.
