By Rosanne Barret, The Australian, Brisbane.
Hedge fund giant Apollo Global Management is among an international syndicate backing Young Rich-lister Tim Gurner’s ambitious Brisbane development.
The US-based company has provided $20 million to finance Mr Gurner’s triple-tower development in Fortitude Valley.
Apollo holds interests in businesses as diverse as Nine Entertainment and Leighton’s new services and construction joint venture within its international assets under management of $160 billion.
Mr Gurner established a joint-venture arrangement with Singapore-listed Thakral last year for the $600m project.
Its $220m finance facility is being underwritten by ANZ Bank for $180m and Australian property debt provider MaxCap, which facilitated the finance, for the remaining $20m.