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Aventus appeals Masters' Sub Lease Decision


An Aventus subsidiary which owns the former Masters store at Cranebourne has filed an appeal in the Supreme Court of Victoria against the decision of the Court Aventus to consent to a sub-lease by Masters Home Improvement Australia Pty Ltd as the Tenant.

The Masters subsidiary previously won its legal proceedings against Aventus to allow the sub lease to AMart who had failed to act on the request.

A key stakeholder in the battle is the Masters takeover group Home Consortium which took over the Master business and sought to sub lease the space to AMart.

Home Consortium are concurrently seeking to raise $300 million at a 6 per cent yield for its initial public offering of 30 properties with a $925 million fair value. The portfolio was formerly owned by supermarkets giant Woolworths to house its now closed Masters hardware business and was bought by a group of investors headed by former UBS investment banker David Di Pilla.

The Cranbourne head lease to Masters' remains on foot until 30 September 2030, including the guarantee by Woolworths Limited for the performance by the Tenant of its obligations under the Head Lease.

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