Infrastructure developer Plenary, which has built a modest pipeline of 4800 homes in its 21-year history, is flush with cash and the firm worth about $1 billion will bid for housing projects equal to 70 per cent of that total this year alone.
Plenary has completed the sale of 49 per cent stake to Abu Dhabi sovereign wealth fund ADQ – first reported by The Australian Financial Review last year – and will use its much-boosted balance sheet to bid on four projects comprising 3400 homes, chairman Paul Oppenheim said.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
