(23 March 2004 – Australia) Babcock & Brown has bought a 15 percent stake in property company Grand Hotel Group for $22.6 million.The San Francisco headquartered investment bank said it saw value in GHG despite Parker Global Strategies shedding its 12.1 percent stake in the group after failing to change GHG’s management.
Babcock has been involved in the float of Queensland coal loader Dalrymple Bay and takeover of Tourism Asset Holdings. The bank also led a $288 million consortium to develop Sydney’s Olympic Park.
Babcock’s Australian business has announced it is looking at listing on the ASX in order to raise capital.