The real estate trust redeveloping a major Bourke Street site that will be home to Mecca’s Melbourne superstore has been forced to raise more money at just one-third of its original value and told existing investors they will not be able to sell out for years.
Newmark Capital’s Bourke Street Mall Trust raised $90 million in 2020, at the height of the COVID-19 pandemic, to redevelop the six-storey, 1930s building in the centre of Melbourne’s CBD. The building, a former David Jones department store, will be home to a three-storey Mecca boutique that is three times the size of its Sydney flagship outlet.
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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
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
