Published 25 July 2010
Irongate Property Ltd has appointed Bluestone Group chief executive Peter McGuinness as a director, 3 weeks after Bluestone led a consortium which lent Irongate $45 million.
The new funding allowed Irongate (ex-St Laurence Property & Finance Ltd) to repay in full its series 1 & 2 bonds, which had been scheduled to mature on 15 July.
Irongate also agreed indicative terms with the consortium for additional funding which will help the company reposition its property investment business and enhance its property portfolio. Mr McGuinness has been chief executive of Bluestone Equity Release and group chief finance officer, worked for a UK non-bank mortgage originator and is a chartered accountant.
The Bluestone Group, established in 2000, is a commercial lender & asset manager operating from offices in Australia, New Zealand & the UK. It manages a $1.5 billion portfolio of mortgages & commercial loans.
5 July 2010: Irongate gets Bluestone support
2 July 2010: Irongate reassessment increases loss
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.