A Sydney-headquartered private credit firm that has extended millions of dollars to embattled publican Jon Adgemis has told investors they cannot redeem money from its safest fund because repayments from property developers that had borrowed money are overdue.
Seventy per cent of loans in Gemi Investments’ $300 million First Mortgage Fund are to commercial real estate projects. The Australian Financial Review reported in June that Gemi had stopped redemptions from another fund.
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Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com
