Property syndicates under pressure as rate rises bite
Centuria Penrose seeks equity to guard against rising costs with the purchase of an interest rate swap.
Centuria Penrose bought the Visy bottling plant at Penrose on a sale and leaseback deal in 2021.
Property syndicate Centuria Penrose is seeking to raise new equity of $8.6 million for a swap contract to keep a lid on interest costs as markets sources warn of looming troubles for unlisted property funds.
While Centuria Penrose’s position was manageable, said one market commenter, other
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