This article is from the Australian Property Journal archive
THE Agricultural Land Trust has reached an agreement with the tenant over part of its Linkletter’s Place asset for a surrender of lease, giving the ASX-listed minnow more flexibility to lease the harvested areas of the Western Australian agricultural site.
This lease is over a limited area of Linkletter’s Place and provides no income to the group. Agricultural Land Trust intends to re-lease the area over time.
The surrender will take effect in approximately three months.
The trust’s responsible entity, One Managed Investment Funds Limited, has reached an agreement with a lender that is related to a major unitholder to increase the facility limit to $1.65 million.
“This additional funding is expected to be used to fund the surrender and to also provide funding for operating costs while harvesting activities are paused,” it said.
Sole-asset fund Agricultural Land Trust was forced to writedown $132.8 million last year following one-time media darling Michael Gu’s alleged extravagant handling of iProsperity investor funds.
The fund was the first to appoint external administrators an iProsperity company, due to a default under its loan agreement. Voluntary administrators were appointed to the real estate advisory firm in July, with debts of $60.5 million.
