Jon Adgemis’ struggling loans contribute to credit firm halting redemptions

·

Sydney-based private credit firm Gemi Investments has suspended redemptions from its $300 million First Mortgage Fund after overdue repayments from property developers, including those linked to embattled publican Jon Adgemis.

The fund, which holds 70% of its loans in commercial real estate, has faced challenges from high interest rates, vacancy rates, and rising construction costs.

Gemi’s head of investor relations, Michael Glatter, informed investors that redemptions were halted to maintain adequate cash levels in the fund.

Gemi, which has lent millions to Adgemis’ hospitality ventures, including a $54.8 million loan for the development of Noah’s Backpackers in Bondi, had marketed loans with inflated property valuations.

Despite these challenges, Gemi has reported no losses in the First Mortgage Fund since its launch in 2021, targeting a 9% return.

However, investors remain concerned as the firm halts redemptions amid growing pressures in the commercial property sector.

Source: AFR.

greek film festival sydney new

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Kogarah Orthodox Youth donate $3,000 to St George Hospital Paediatric Unit

The Kogarah Orthodox Youth presented a cheque for $3,000 to the Paediatric Unit at St George Hospital in Sydney.

St George Basketball star set to trial with Greek sister club

Jaxon Jon Frintzilas will travel to Greece to become the first St George representative player to visit and trial with Apollon Patras.

Sydney Olympic’s Damon Hanlin yet to lodge bid for Mariners investment, confirms APL

The APL has confirmed Damon Hanlin has not lodged any proposal to invest in the Central Coast Mariners. Read more here.

‘Music unites homeland with abroad’: Areti Ketime speaks ahead of Zeibekiko Festival Australia

Areti Ketime returns to Australia this October for the Zeibekiko Festival, bringing rebetiko, Smyrnaic and traditional songs with her.

Cyprus’ Chief Scientist strengthens research and innovation partnerships in Australia

Cyprus Chief Scientist Demetris Skourides has completed a week of high-level meetings in Australia, strengthening innovation ties.

You May Also Like

Joanne Shanahan’s family reflect on loss and legacy five years after fatal crash

Five years after the tragic death of Detective Chief Superintendent Joanne Shanahan (nee Panayiotou), her family has opened up.

STEM holiday program by Greek Community of Melbourne Schools a hit

The Greek Community of Melbourne’s Schools recently completed a successful and engaging educational initiative titled “STEM in Their Element"

Book on Greek Community of Melbourne’s history to be presented in Athens

A book detailing the history of the Greek Community of Melbourne will be presented at an event in Athens, Greece on Thursday, September 5.