Brett Blundy’s $700m float sinks without trace

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There was no answer yesterday at the Macquarie Street headquarters of Aventus Property, with the phone ringing out as Singaporean billionaire Brett Blundy considered the flop of his $700 million property float.

It was third time unlucky for the retail entrepreneur, who since December has listed two other ventures here.

And it’s the second property IPO in three months to crumble at the bookbuild stage, following the June $175m Metro Property Development fiasco from Moelis’s Julian “Bilbo” Biggins.

Perhaps Aventus was a bridgeclimb too far — or do market oldies recall the dark days of Blundy’s retailer Brazin?

Fundies were nervous about Aventus’s fees, a poison pill provision protecting Blundy against being turfed out as manager and the quality of its assets — which to some don’t look as good as rivals Charter Hall Retail REIT or Woolies spin-off Shopping Centres Australasia.

Instos also didn’t want to wear a three-week wait between committing cash and the close of the retail offer because some expect US Fed chair Janet Yellen to increase rates next week.

On Wednesday, Macquarie’s Andrew Scade tapped instos for $316m, but with megafunds like Aussie Super and BT out, market sources say there was a lot less on the table. There’s also talk there was limited enthusiasm from clients of Morgans, which was running the retail offer.

Macquarie is now mulling a new structure to get Aventus listed, but next time expect the retail offering to come first ahead of a bookbuild just before listing so that instos bear less risk.

How soon that will come is unclear, but what is clear is that a timetable requiring Aventus to lodge a prospectus yesterday to list by the 29th has shattered like a pair of cheap Lovisa glass earrings.

Jewel in the crown

Speaking of which, Blundy’s stake in the jewellery chain is out of escrow and worth $142m now that the stock has had a healthy run-up since its float at the end of last year.

Blundy would be expected to hold until today when he becomes entitled to the $1.76m divvie.

It’ll be an easy conversation should he decide to exit, with the company chaired by his BridgeClimb partner Paul Cave.

Meantime, Blundy’s ranch-style spread in Cattai on the Hawksbury, which has been for sale since March (in its second listing) is still on the market. The two agents on the job have amped up the marketing campaign, pumping out a jazzy video of the pile complete with drone fly-by of the $18m stone and timber property.

Joyce snubs rival

Heaven forbid Qantas boss Alan Joyce speaks with forked tongue, but it seems he finds it hard to shake off a grudge.

Last month the Irishman revealed relations were still tricky with his Virgin Australia rival John Borghetti.

“I think it’s a lot more awkward when you are competitors,” Joyce said when asked if he would accept an invitation for a drink from Borghetti, who he beat for the top Qantas job. “I don’t think it works that way.”

But Air New Zealand boss Christopher Luxon says Joyce is more than happy to sit down with him, despite that the pair compete ferociously.

“I thoroughly enjoy having dinner with (Qantas boss) Alan Joyce from time to time. We are able to have a relationship at a civil level, we don’t discuss our businesses — and we sure as hang want to go into the marketplace and punch each other out,” Luxon told The NZ Herald.

Collegial indeed, just not with Porsche-collecting Borghetti.

Kelly mum on new gig

Newest recruit to the Woolies Holdings board Gail Kelly has a rock-solid poker face.

On Wednesday night at Sydney’s Westin, as she joined the power ladies marking the 30th year of Chief Executive Women, Kelly was zip-lipped on her new gig at the South African retailer.

Kelly likely didn’t need the advice via video message from the guest speaker, former US secretary of state Madeline Albright, who encouraged women to interrupt more in meetings with male colleagues.

“There is a special place in heaven for women who help other women and a special place in hell for women who don’t help other women,” she said.

Kelly arrived solo to a rock star welcome from the 900 sisters (and manbags) and by night’s end was deep in talks with her Westpac successor Brian Hartzer.

Quizzed on her next move, Kelly said she’d received lots of approaches but was “saying a lot of nos”. Now we know there’d been at least one yes.

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