$45 million for Irongate

Fears that Irongate Property could not pay bondholders $30 million this month have been allayed after Bluestone Group provided the NZDX-listed business with about $45 million of new funds.

Kevin Podmore, Irongate chairman, wrote in the annual report released to NZX this month that payments were uncertain.

But Peter McGuinness, Bluestone chief executive, said the new deal would enable the repayment and provide a strong capital base for the real estate business.