This article is from the Australian Property Journal archive
PETER Campbell the founder of Clarendon Homes has bought the company back from Morgan Stanley.
Campbell now runs Lindsay Bennelong Developments, a commercial and apartments developer.
Yesterday he bought back the Clarendon Group from Morgan Stanley, which acquired the residential builder as part of its privatisation of Investa Property Group in 2007.
And in 2009, Morgan Stanley separated the business from Investa and ran it as a stand-alone.
Campbell has paid an undisclosed sum for Clarendon Homes but it is to be a fraction of what he sold it for in 2004, which was $575 million.
Campbell yesterday said the acquisition was a prudent business decision and the company will be well placed to take advantage of a recovery when that eventuates.
Property Review
