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Fincorp’s assets up for grabs

With one month to go, purchasers are queuing to purchase part of failed property company Fincorp’s assets. Almost 100 potential buyers have expressed interest.

Fincorp’s administrator, KordaMentha, said it was looking to sell the failed developer’s property holdings – as a whole portfolio, as smaller packages or individually.

It is also seeking expressions of interest from suitably qualified fund managers to manage the Fincorp Workout Fund, which may or may not be created by the administrators.

Korda-Mentha managing director, Berrick Wilson, said the portfolio had three distinct asset classes: unserviced residential development land at Corinna Waters, The Ridge and Mernda, all in Melbourne’s north; retail development sites at the Mernda Town Centre and Warrnambool Homemaker Centre; and retirement development sites in
Queensland.

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