Blue Sky's student accommodation empire has emerged as the biggest casualty of its promised valuation review, with the carrying value of one fund slashed by 35 per cent, and another beset by project delays returning capital to its backers.
Short-seller target Blue Sky Alternative Investments told investors on Tuesday that the asset revaluations meant that 2017-18 net profit would take a $7 million hit "primarily driven by reductions in accrued performance fees".
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Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom. Connect with Vesna on Twitter. Email Vesna at vpoljak@afr.com
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
