Jon Adgemis‘ $25 million Bondi beachfront property has been seized by Adelaide-based lenders, Angas Securities after plans to sell the four-level site overpowered the debt deal offered.
Angas Securities stepped in on Friday to seize the apartment building on Campbell Parade, next to the controversial Noah’s Backpackers site.
The lenders had extended some of the block’s over $15.5 million in debt, with a further $3 million in junior debt hanging over the building, which Adgemis acquired in his venture into Bondi after purchasing the massive Noah’s Backpackers block for $68 million two years ago.
According to the Australian Financial Review, Angas Securities was offered almost $13.5m for its debt on the Campbell Parade building, which would have seen the group recoup its initial financing minus interest.
A spokesman for Public said the loss of the property would not prevent a “debt reset” for his pub firm, which is now negotiating with lenders in a $500 million loan roll-up.
Deutsche Bank are expected to be part of any deal, alongside Sydney private credit provider, Gemi Investments, both of which hold a hefty slice of Public’s almost $500m debt pile.
Gemi has publicly backed Adgemis’ moves, while others have pushed back on cold calls from KordaMentha receivers, who questioned if they wished to tip parts of the Public Group into administration.
Source: Australian Financial Review
