Serepisos troubles hit HQ

Terry Serepisos File photo

Lenders on one of Terry Serepisos's prime assets, including his own head office, are moving to acquire the waterfront Todd Building on Wellington's central city Hunter Street.

With naming rights relating to the headquarters of New Zealand's most valuable oil and gas corporation, owned by the billionaire Todd family, the building is also the location for the financially troubled property investor's Century City empire, which includes the A-League football franchise, The Phoenix.

The first mortgage on the property was previously held by the ASB bank, but a Pyne Gould subsidiary, Real Estate Credit, has "assumed the risk" on non-core real estate loans made by PGC-owned Marac, including a loan relating to the Todd Building.

"To protect this loan, action has been taken to acquire 95 Customhouse Quay from Century City Hunter Street," a statement issued to BusinessDesk by Pyne Gould chairman Bryan Mogridge said.

"PGC is confident that this high quality building will retain its current value and should show value growth in the medium term," Mogridge said.

Serepisos was asked on National Radio this morning whether he had lost control of the building, evoking an angry response from Serepisos, who appeared to hang up on the interview.

"I'm selling the Todd Building. It's not been taken over by banks. I'm selling the Todd Building. I'm selling and restructuring my assets," Mr Serepisos told National Radio's Morning Report.

Last week, the High Court in Wellington threw out a bid by FM Custodians to throw out a bid to bankrupt Serepisos and two of his companies over unpaid loans that were personally guaranteed by the property developer.