China-blocked Probuild to take over two Grocon projects
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Tier-one builder Probuild, the target of a $300 million takeover offer from a major Chinese construction company that was blocked by the Treasurer this week, snapped up two major projects from the collapsed Grocon group.
Grocon administrators KordaMentha said on Wednesday, after taking charge of three more failed Grocon entities, that they had signed a heads of agreement with Probuild to take over construction of Grocon s $116 million Northumberland office project in inner Melbourne.
Probuild will take over the Northumberland office project from Grocon.
Simon Schluter
The Collingwood project is being funded by the Liberman family-backed Impact Investment Group, which is due to acquire the significantly delayed and over-budget project on completion for one of its funds.