The billionaire daughters of late Westfield co-founder John Saunders were forced to write down the value of their real estate investments by more than $100 million in the two years after the pandemic, amid rising interest rates and a massive slump in commercial property prices.
Previously unreported filings for Terrace Tower Group, owned by Mr Saunders’ family, reveal assets worth $1.85 billion including an extensive portfolio of private and public equities.
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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
Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
