This article is from the Australian Property Journal archive
THE City Pacific First Mortgage Fund has paid $50 million off its bank facility.
As a result, the FMF has reduced its bank facility from $240 million in January to $130 million.
The FMF’s remaining debt to the bank represents a gearing level for the $1 billion Fund of 13%.
In order City Pacific news, Steve McCormick has joined the board as an executive director. McCormick has been managing the property portfolio of the FMF. He joined City Pacific in early 2005.
McCormick replaces Peter Trathen, who has resigned as a director of City Pacific to enable him to devote his full attention to his role in the promotion and procurement of the Townsville Ocean Terminal project and Future Development Area which has been his portfolio for the past three years.
City Pacific’s share price closed 3 cents or 7.14% lower at 39 cents.
Australian Property Journal
