This article is from the Australian Property Journal archive
THE Orchard Diversified Property Fund has sold another asset, a retail shopping centre in Mudgeeraba, Queensland for $14.05 million.
Located at 2 Bell Pl Mudgeeraba, the Bell Central shopping centre transaction was negotiated by Savills Australia.
The purchaser was Full Circle GC, a private company associated with Base Construction founder Stefan Battaglia.
Proceeds from the sale of the 3,849 sqm centre will be used to repay debt.
The Orchard Diversified Property Fund is in negotiations with its lenders, the National Australia Bank and BOS International, to extend the maturity debt for two facilities.
The NAB facility is $223.1 million and the fund owes BOSI $195.6 million.
The fund has total assets of $726.9 million and in the year to March 31 it delivered zero distribution, negative 75.3% capital growth and a total return of -75.3%.
The fund’s responsible entity, Orchard Capital Investments recently entered into due diligence with the Cromwell Group.
Australian Property Journal
