This article is from the Australian Property Journal archive
INVESTA Property Group’s flagship Commercial Property Fund will repay its $310 million AAA rated Commercial Mortgage Backed Securities Series 2007-1 in full, on the scheduled maturity date of August 09.
The ICPF issuance was one of the last major CMBS issuance before credits markets shut down due to the global financial crisis, with security provided by its premier portfolio of buildings.
ICPF owns interests in some of Australia’s leading commercial office assets including:
· Deutsche Bank Place, 126 Phillip Street, Sydney
· Maritime Centre, 201 Kent Street, Sydney
· BT Tower, 1 Market Street, Sydney
· 400 George Street, Sydney
· 231 Elizabeth Street, Sydney
· 130 Pitt Street, Sydney
· 146 Arthur Street, North Sydney
· 6&7 Eden Park Drive, Macquarie Park
· 242 Exhibition Street, Melbourne
· 485 LaTrobe Street, Melbourne
· Kings Row, 40-52 McDougall Street, Milton
ICPF fund manager Peter Menegazzo said the move demonstrates the strength of security provided by the ICPF portfolio.
“We intend to repay our note holders back in full upon the scheduled maturity date, having refinanced with a senior debt facility provided by the ANZ Bank for a new three year term. This demonstrates the confidence our lenders have in the high quality portfolio,” he added.
Bank finance with a three year term has been secured to ensure the fund met the scheduled maturity date.
Menegazzo said the fund has not ruled out a future debt issuance to the capital markets, however not until debt markets settle down.
Menegazzo concludes: “We will continue to watch the debt capital markets with interest and hope to come back to that market in the next 12 months if markets are favourable.”
Australian Property Journal