This article is from the Australian Property Journal archive
IF you can make here you can make it anywhere is a tune high profile property identity Angus Reed has become familiar with, after selling his empire to the billionaire Liberman family, and moving to New York City.
According to industry sources, the Liberman family’s Jagen Pty Ltd has bought out Reed’s interests in the joint venture developing the $500 million plus Wyndham Harbour project in Melbourne.
Sources said the cashed up Reed has decided to start a new chapter in his life in the United States and has setup base in Manhattan.
Reed has been living out of New York for some time now but only recently closed the deal to sell his interests in the Wyndham Harbour project to the Liberman.
According to sources, the family, who have been actively ramping up their property play saw the opportunity in Reed’s decision to relocate offshore and secure the prized masterplanned community development within Victoria’s fastest growth corridor.
It is believed that the Liberman family offered approximately $60 million to buyout Reed’s interest in Wyndham Harbour. Although the price could be up to $80 million, if the cost of building the seawall is included and the estimated $10 million already spent on infrastructure.
The deal was sealed several weeks ago.
Once complete the 11ha community will comprise 200 housing lots, 200 apartments and 27 terrace homes and be home to 1,400 residents. The community will also have a 1,000 berths marina and dry boat storage for up to 390 boats.
It is believed that Reed has also downsized his role within Melbourne-based investment firm, Lyons Capital.
Reed was embroiled of the Sunland/Dubai Waterfront scandal and eventually won a civil case in the Supreme Court of Victoria following a protracted trial. Sunland sued Reed and his company Prudentia Investments for $14 million in damages over the a failed land sale in Dubai.
The Supreme Court of Victoria dismissed Sunland’s case and the company appealed the decision all the way to the High Court. However, last year Sunland dropped its appeal and had to fork out $8.1 million in costs.
At the same time, the Dubai Criminal Court of First Instance tried Reed in absentia and found him guilty of fraud, abuse of public funds, breach of trust and acquiring illegal profits and commissions, over a failed land sale deal (Plot D17) at the Dubai Waterfront project, which is owned by the Dubai government’s property company Nakheel.
Reed along with Matthew Joyce were sentenced to 10 years jail.
In December last year, the Dubai Court of Appeal overturned the Dubai Criminal Court of First Instance judgment for Matthew Joyce, who returned home after being detained for almost five years.
However, Reed never appealed the Dubai Criminal Court decision and the sentence still stands.
Australian Property Journal
