Max Property Makes First Purchase

The property fund run by millionaire property mogul Nick Leslau has made its first purchase since the funds float in May this year. A portfolio of warehouses has been bought for $415m through receivers Ernst & Young LLP with a total space 7.6 million square feet (706,000 square meters). This portfolio has lost 50% of its value in the last two years, therefore representing great value over the long term.

Mr. Leslau is excited about this deal, but also commented that finding quality reduced property isn´t easy, citing that much of the below market value real estate is simply "rubbish".

The property was owned by Industrious and had to go into administration in September after having problems meeting its loan payments. Apparently Max Property had been in negotiations with the companies receivers since 17th July.

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