CAPITAL BLUESTONE acquired by AOYUAN INTERNATIONAL which has 10 other projects in Sydney and nearby

 

LOOKS like THE SHARKS/Woolooware Bay is now in International Chinese hands ….  

“The club announced two weeks ago it had reached agreement to sell its remaining interest in the Woolooware Bay development to Capital Bluestone, its long-time development partner, for $40 million.”

BUT as revealed in The Leader report –  Woolooware Bay Town Centre developer Capital Bluestone has been swallowed up by Aoyuan International … and Capital Bluestone will now merely operate as a division of Aoyuan following a deal understood to be worth about $200M 

The move has brought both teams together to work across a portfolio of 16 projects in metropolitan Sydney and regional NSW markets

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AND …

“The Sharks were visionary when they decided to transform their landholdings into a master planned residential community and new town centre,” Ben Fairfax, the managing director of developer Capital Bluestone, said.

However, the $752 million development has aggrieved some residents and Sutherland Shire Council, which expressed concerns about the height and scale of buildings and the likely impact on traffic and parking.

https://www.smh.com.au/national/nsw/developers-don-t-seem-to-care-cronulla-sharks-development-splits-the-shire-20180817-p4zy2s.html

 

 

APRIL 4 2019 

Capital Bluestone acquired by international firm which has 10 other projects in Sydney and nearby

Artist's impression of the final stage of the Woolooware Bay Town Centre development. Picture: supplied

 Artist’s impression of the final stage of the Woolooware Bay Town Centre development. Picture: supplied

 

Woolooware Bay Town Centre developer Capital Bluestone has been acquired by an international development firm.

 

Capital Bluestone will operate as a division of Aoyuan International following a deal understood to be worth about $200 million.

Aoyuan International, a subsidiary of Hong Kong listed China Aoyuan Group, entered Australia in 2015 and has 10 other projects in Sydney and the Southern Highlands, as well as operations in Canada, Hong Kong and Macau.

 

Capital Bluestone’s managing director Ben Fairfax said he saw the acquisition as “more of a partnership” than a takeover.

“We have agreed for them to acquire our business, with a lot of benefits to both parties,” he said.

 

“We can do more projects and it gives them the expertise we have to allow them to expand.”

 

Mr Fairfax said there had been no problem obtaining finance for the final stage of the Sharks development

 

“We have a great relationship with the banks,” he said.

 

“We have had very good bank finance offers to fund stage four.

 

“Having a bigger balance sheet enables us to be more nimble, which is important when you are working with not-for-profit groups like the Sharks.

 

“We recently had to find a considerable amount of money to assist the Sharks with their financial future.”

 

The club announced two weeks ago it had reached agreement to sell its remaining interest in the Woolooware Bay development to Capital Bluestone, its long-time development partner, for $40 million.

 

Capital Bluestone executive director Steve Grant said in a statement, “In a challenging time with the banking sector and accessing finance, Aoyuan International’s capital markets expertise and strength puts us in the box seat to become a highly competitive, major force in the Australian property industry for a long time to come”.

 

Mr Grant said  Capital Bluestone’s business model  focused on forming joint venture partnerships with clients in the church, charity organisation and club sector, helping them to maximise assets and secure future income streams.

 

Capital Bluestone, which has been operating for more than 28 years, has six projects across five sites in Sydney.

 

“The move will see Capital Bluestone continue as a division of Aoyuan International, bringing both teams together to work across a portfolio of 16 projects in metropolitan Sydney and regional NSW markets, with further scope for growth,” the statement said.

Aoyuan International’s most recently completed project is the $380 million, 138-apartment luxury development One30 Hyde Park in the city.

 

Adrian Liaw, Australian head of development and director of Aoyuan International said, “As part of a listed company, we have to maintain our growth trajectory, and this alliance provides a much stronger platform for us to undertake quality projects”.

 

 

SOURCE:  https://www.theleader.com.au/story/5994324/new-partnership-for-sharks-development/?cs=1507

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