More trouble for Westpoint

Receivers have been appointed to two large Melbourne property developments being constructed by Perth based developer Westpoint, adding to investor confusion. Westpoint’s $140 million Port Melbourne apartment complex and $70 million Market St CBD Apartment hotel development are now under the control of receivers as administrator PricewaterhouseCoopers works through a number of mezzanine funds run by Westpoint that raised $300 million from 2500 investors. Westpoint will be back in the federal court next month to defend ASIC’s wind-up application.