8 December 2014
Wunan has recently invested in the Darwin Vibe Adina Hotel.
Indigenous Business Australia is a co-owner of this landmark property on the Darwin Waterfront, (along with DCW Hospitality Pty. Ltd.) and Wunan has acquired 10% of IBA’s holding.
This reflects IBA’s mandate to create investment opportunities for Indigenous organisations. For Wunan the investment in the Vibe Adina allows us to further diversify our portfolio and acquire a well performing asset.
Our other partnership with IBA, the Indigenous Real Estate Investment Trust, is also doing well; thus we benefit from their expertise and experience in our endeavours to ensure the future for Wunan.
The transaction turned out to be extremely complicated, for us at least, and we gratefully acknowledge the support of Allens law firm in helping us complete the investment.