- The property investment firms focuses on opportunities in the boutique property development, healthcare and operations sectors
- An email was sent yesterday to staff, shareholders and investors
- Jirsch Sutherland's Chris Baskerville has been appointed as administrator.
REMI Capital, an Australian property investment firm with offices in Melbourne and Brisbane, has gone under impacting hundreds of individuals and projects, after owing $70 million, impacting 450 investors.
REMI Capital focuses on investment opportunities throughout the boutique property development, healthcare and operation sectors.
An email was sent to investors, shareholders and staff, announcing the voluntary administration, which the company said was decided as the best outcome for creditors.
“This process will allow a (DOCA) Deed of Company Arrangement to be proposed by the board by the second meeting of Creditors,” wrote Mark Prestige, REMI Managing Partner.
“Remi had been advised by external legal counsel not to communicate over recent weeks until the modelling was complete that allowed this difficult decision to be made,”
“REMI apologises for any lack of communication in recent weeks. We ask you rely on any reports to creditors and not rely on any speculation you may hear.”
Jirsch Sutherland’s Chris Baskerville has been appointed as administrator.
The news comes as many property firms have been put into administration over the past year, such as Pindan and Probuild.
Since the death of their co-founder last week, rumours have also been circulating suggesting Metricon is facing financial difficulties, although this has been denied.
More to come…
