Peter Edwards, Victor Smorgon’s grandson, says he is directing the property portion of the family office’s Australian portfolio towards travel and hospitality.
One of Australia’s wealthiest families, the Smorgons, have cut back their investments in Australian apartment development and the office market in the United States in a post-pandemic strategic reset.
The family office operates a private fund manager, Victor Smorgon Partners, which has just under $1 billion in funds under management and is open to outside investment. Mr Edwards, who is the son of Victor’s daughter Bindy, added that Victor Smorgon Group was now directing the property portion of its Australian portfolio towards travel and hospitality.and the forthcoming Six Senses resort and spa in Victoria’s Dandenong Ranges. “We’re looking for those niche opportunities that we can create difference and create free cash flow,” Mr Edwards said.
“We had nine offices in partnerships in China and in COVID everyone went quiet, and they disappeared,” Mr Edwards said. “No one in China actually wanted to be associated with Australia.”
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