Bankstown. Receiver appointed to BAC Devco

KordaMentha has been appointed as receiver and administrator to the Bankstown Airport Corporation development company, known as BAC Devco. A loan worth almost $60m is understood to be owed to the Commonwealth Bank of Australia. Mirvac, Leighton Holdings and superannuation fund, Westscheme, own equal shares in BAC Devco a company that initially owned up to 104 hectares surrounding the airport, with $300 million worth of development potential. The actual Bankstown Airport is not in receivership and is separately owned by another consortium that includes the Mirvac-controlled company, James Fielding, a fund managed by Colonial First State and Westscheme.