Sunday, June 7, 2009

Oaks Sells Out - To Brother!

Oaks has sold the management rights for 212 Margaret Street and Lexicon Apartments. The sale was to a newly created company partly owned by the brother of the CEO. I feel sorry for owners of any apartments that Oaks manages. You can read reports in previous posts about how Oaks is turning apartment buildings into short term stay buildings. I feel even more sorry for the owners that are now dealing with this new entity.
At the recent Oaks AGM, there were reports that angry Aurora owners questioned the CEO of Oaks, and that he could not provide sensible answers.
See ASX Release and follow-up.

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