By 24 January 2012
Multiplex European Property Fund (ASX: MUE) Valuation of Properties and Cash Lock Up
Brookfield Capital Management Limited (BCML), as Responsible
Entity for Multiplex European Property Fund (Fund), announces
that independent valuations of the Fund's properties have
been obtained by the Fund's financier which impact the Fund's
financing arrangements.
As provided under the Fund's debt facility, the Fund's
financier, Eurohypo AG (Bank), has obtained a valuation of
the Fund's properties. As at 31 December 2011, the portfolio
value was €230.92 million, representing a 9% reduction from
the 30 June 2011 valuation adopted by the Fund and is
approximately equal to the principal amount owing under the
debt facility.
The Loan to Value (LVR) ratio calculated for the purposes of
the debt facility is approximately 100.2%. As the LVR exceeds
95% the terms of the debt facility provide that the cash and
cash flow within the partnerships that own the Fund's
property interests be retained within those entities, and
financier consent will be required to pay certain expenses.
However, no event of default arises as a direct consequence
of the reduced valuation and increased LVR. The restrictions
on cash remittances from the partnerships will be eliminated
if certain conditions are met prior to 15 April 2013
including a reduction in the LVR to 95% or below and an
Interest Cover Ratio of greater than 140% for the two
immediately preceding interest payment dates.
The accounts for the half year ended 31 December 2011 are
being prepared for review and it is anticipated that they
will be released in late February. BCML will give
consideration to the valuations obtained by the Bank in the
course of preparation of those accounts.
BCML is considering the effect of the cash lock up on the
Fund. BCML is continuing its discussions with the Bank and
will advise unitholders of the outcome of those discussions.
The Fund currently retains available cash balances of
approximately $42 million (17 cents per unit) in Australia.
Cash held in Australia is not provided as security for the
debt facility.
Declaration of any future distributions will remain subject
to BCML's assessment of the effects of the cash lock up,
operating and/or market conditions in Germany and Australia
and taxation requirements including the outcome of the German
taxation audit which is continuing. Further information in
this regard will be provided to unitholders in due
course.
-- ends -
Brookfield Customer Service
Ph: 1800 570 000
| distribué par | Ce noodl a été diffusé par Multiplex European Property Fund et initialement mise en ligne sur le site http://www.au.brookfield.com/investment-platform/listed-securities/multiplex-european-property-fund. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-24 00:57:11 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
| Documents associés | |
| MUE Valuation of Properties and Cash Lock up |
