Receivers appointed to another Century City unit, take control of Serepisos HQ

Tuesday 4th October 2011

Receivers have been appointed to another company in Wellington property developer Terry Serepisos’ empire and have taken over the management of his own headquarters.

Deloitte’s Barry Jordan and David Vance were appointed receivers and managers of Century City Investments Ltd. on Friday. It owns the ASB Tower on Wellington’s Hunter St, which is home to the Century City offices, according to a statement on the accounting firm’s website. CB Richard Ellis has been appointed building manager, it said.

Last week, Serepisos was declared bankrupt in the High Court in Wellington after he failed to convince Associate Judge David Gendall to give him a few more days to try to secure a US$20 million facility from a Hong Kong-based merchant bank. The loan, if it came through, would go to an entity that wasn’t a party to Serepisos’ bankruptcy and liquidation proceedings, and left open the possibility to annul the order.

In August, Serepisos was granted adjournment to put forward a proposal to creditors that would sell down his property portfolio in an orderly fashion, in a bid to meet the entirety of the $204 million owed to his lenders, which was later scotched when the property developer sought new funding.

The portfolio, made up of some 150 residential properties and more than six commercial buildings, was valued at $232.5 million.

Two weeks ago, Serepisos relinquished his licence for the Wellington Phoenix Football club in Australia’s A-League, which was taken over by a consortium of Wellington businessmen.

(BusinessDesk)

BusinessDesk.co.nz

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