daVinci Advisers Backs Out of Foundry Deal

The fund manager was reported as entering due diligence to buy part of the project in November last year for around $100 million. This included the large 243-bay car park, and a 4-level supermarket based convenience centre, on the edge of the Bourke Street Mall near the Elizabeth Street intersection.

The whole development has been put to the market in a campaign managed by Jones Lang LaSalle. Other developers and fund managers said to have inspected the project include Industry Superannuation Property Trust, Grocon, Fridcorp and private developer Morry Schwartz.

In August last year, daVinci paid $20.8 million to buy Sydney-based property fund manager, and developer, the Quantum Group. Weeks later, daVinci founder Osama “Sam” Kaneko announced plans to form a $350 million property investment fund which would own commercial property assets in Australia and Asia.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.