Reubens lend Multiplex millions Cosima MarrinerMonday March 27,...

Reubens lend Multiplex millions

Cosima Marriner
Monday March 27, 2006
The Guardian


The cash-strapped Wembley stadium builder Multiplex has turned to the billionaire Reuben brothers for help, borrowing millions of pounds.
Multiplex borrowed money from the Iraqi brothers David and Simon Reuben in December on commercial terms. Confirming the multimillion-pound loan, a source close to the brothers said: "The Reubens are very cash-rich asset-holders. They finance a lot of developments."

Although the loan occurred at about the same time as Multiplex sold its 25% stake in the Stratford City development to the Reubens for £127.5m, the two deals were not related. The December loan may not be an isolated incident. A spokesman for the Reubens refused to comment on whether Multiplex had borrowed money before. Multiplex could not be contacted.



Multiplex is under severe financial pressure due to mounting losses on the troubled Wembley project. The Multiplex group made an $A120m (£49m) loss in the first six months of this financial year, breaching its banking covenants. It has lost $A260m over Wembley in this time.