This article is from the Australian Property Journal archive
MAB Corporation will continue to stay in family hands after brothers Andrew and Michael Buxton decided to turn down offers to sell off the company or a stake in the company, Australian Property Journal has learnt.
Recently, MAB Corp was toying with the idea of selling off the company after receiving offers from potential buyers.
However, yesterday Australian Property Journal learnt that Andrew and Buxton have decided not to pursue that path.
Sources said the timing would have been right for MAB, adding that in the current market condition the sale would have fetched a high price and would have generated additional capital into the company for further expansion.
“Having said that, Andrew and Michael have the capabilities to expand MAB without having to sell off a stake in the company,” the source said.
Meanwhile, the source added that the Buxton brothers have not ruled out a sell off in the future.
Andrew and Michael’s decision not to pursue the takeover offers is the second major potential sale this year put on the backburner.
In July this year, Lang Walker, the owner of Walker Corporation pulled the plug on the sale of his $2 billion-plus property empire.
The only successful sale was FKP Property Group’s acquisition of the Wilbow Corporation for $284 million in September this year. Wilbow is one of Australia’s largest privately held property development companies with 22 residential and commercial projects in the pipeline valued at $1.6 billion.
Established 11 years ago, MAB is one of the largest privately owned property companies with businesses in developments and funds management.
The company’s interests are diversified across residential, industrial and office projects, including the $1 billion New Quay precinct at the Docklands and the $1.1 billion University Hill project in Bundoora. MAB recently launched Aquavista Tower, its first office development in the New Quay precinct.
MAB has also gone international with the launch of the MAB International Retail Trust, its first pure global property trust.
Neither Andrew or Michael Buxton were available for comment.
By Nelson Yap
