Peter Campbell thinking of buying back Clarendon Homes business
The founder of the Clarendon Homes group, Peter Campbell, is in due dilence to buy back the home building business.
Clarendon, one of Australia's top 20 home builders, is being offloaded by Morgan Stanley’s global real estate funds. In early August the Australian Financial Review wrote that while the business was not formally put up for sale, there had been an unsolicited approach by a potential buyer who was doing due diligence.
Peter Campbell sold the group to the Investa Property Group in 2004, with the business changing hands in 2007 when Morgan Stanley acquiried Investa.
No price has been revealed although it will be a fraction of the price Investa paid in 2004/2005 when Clarendon was the third-largest home builder in the country.
Investa paid about $100 million for a 40% stake in the unlisted Clarendon Property Group when the business had about $575 million in assets and $325 million in debt.Investa then exercised its call option for the remaining 60% in 2005. In 2006 Campbell stepped down from the board to pursue personal interests.
The then sale price included assets that are no longer within the group.
Clarendon has operations in NSW, Queensland and Victoria under a number of brands, including Domaine Homes.
The group started 935 homes in 2010-2011, ranking the 18th-largest home builder, according to the Housing Industry Association’s Housing 100 report.
Since selling Clarendon, Mr Campbell has been involved in several projects through Lindsay Bennelong including the Advanx tyre and rubber site in Rushcutters Bay, Sydney where he maintains his Sydney abode.
