This article is from the Australian Property Journal archive
AUSTEXX has placed its Spencer St Fashion Station in Melbourne in the hands of receivers.
Austexx was financial strife last year owning almost half a billion dollars of debt. However it was able to secure a lifeline from lenders and refinanced the debt after it sold four DFO centres to CFS Retail Property Trust for $498 million.
The DFO shopping centre at Southern Cross Station was rebranded Spencer St Fashion Station, as the DFO brand is now owned by CFS.
Korda Mentha administrator Craig Shepard indicated that it will not be a fire sale, however he would not reveal how much debt is owed.
This is the third property placed in the hands of receivers in the past month, with two centres at Townsville and Torquay.
Australian Property Journal