Wednesday, October 22, 2008

Property Funds Seek To Reassure Market

Source : The Business Times, October 22, 2008

Three property and infrastructure funds issued statements on Wednesday in a bid to reassure investors of their financial positions.

The Macquarie International Infrastructure Fund Limited (MIIF) said that its businesses are performing strongly in line with management's expectations.

The fund revealed that it has no bilateral dealings with known troubled financial institutions, and the earliest maturity date for borrowings held by underlying businesses stands at 2011.

Facing a possible rating downgrade by Moody's, MacarthurCook Industrial Reit (MI-Reit) said that its income is secured by a long lease expiry profile, head lease arrangements and quality and diversified tenants.

MI-Reit added that it is in negotiations to refinance debt maturing in April 2009. Negotiations should be finalised in January next year.

The MacarthurCook Property Securities Fund also highlighted its commitment to further reduce debt and prudently manage its underlying portfolios.

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