Transactions & News


Completed Projects: Business & Debt Restructuring

Debt Restructuring:

One Richardson and Richardson Centre together form a development project that is developed by Devwest Group. The Project is situated at 3 Richardson Street, South Perth, WA 6151, and comprises of 2 buildings, one residential and the other commercial.

The Project has been stalled due to various reasons, including market conditions and issues with the financing structure.

Cresco was appointed to restructure the entire project (including arranging the refinancing of the existing lenders and put together a construction loan to complete the project). Faced with multiple existing stakeholders and a difficult refinancing environment, Cresco worked to get all stakeholders in line with the restructuring plan and procure the right financing partners to provide suitable refinancing and a construction loan.

We successfully restructured the Project and closed the AUD 66.56 million refinancing and construction financing of this Project, achieving an extremely high loan to value ratio. The total value of the refinancing deal comprises a 1st mortgage loan of AUD 60.56 million (that Cresco had worked on with Development Finance Partners) by Centuria Bass, and a 2nd mortgage loan of AUD 6 million by a mezzanine private financier.



Business Restructuring:

Cresco Investments was appointed as the AA Group’s consultant to provide professional advice to the board and management, in particular the renewal and restructuring of the Company’s business.

We have arranged and led a group of key investors and shareholders into AA Group Holdings Ltd through the buyout of some existing shareholders who had wanted to exit.

Further, Cresco Investments assisted in the fundraising for AA Group Holdings Ltd through the issuance of Rights Shares with Warrants.

AA Group has gone through a few M&A transactions, mainly to divest its unprofitable businesses (manufacturer and supplier of audio equipment parts) and acquire profitable businesses (leasing and construction business). We played a pivotal role throughout the entire transaction cycle.

Following the acquisition of various companies, AA Group Holdings transitioned from a manufacturer and supplier of audio equipment parts into a company that works in the leasing and construction business.

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