Property Development

Grocon Appoints Administrators Over Dexus Dispute

Written by The ReReport
As seen in the Source link, written by on 2019-10-28 16:13:51

Grocon said the operations of the two dormant employee-less subsidiaries, now controlled by FTI, had been scaled down.

“Both parties have not been able to agree payment terms, which has subsequently led to the existing and ongoing court case,” Grocon executive chairman Daniel Grollo said.

“Voluntary administration is not uncommon in situations such as this but not an option Grocon has ever adopted.”

Grocon went onto state that the administration of the two entities would not affect the builder’s other projects, including The Ribbon in Sydney and Northumberland in Melbourne

“Grocon has developed and constructed billions of dollars of real estate for Dexus over the years and its attitude to this matter is both unreasonable and disappointing,” Grollo said.

“Unfortunately, Dexus’ reluctance to wait until the Court matter is concluded, means that Grocon has been left with no choice.”