Debt forces asset sales at Oyster
Rising interest costs and falling valuations put pressure on unlisted syndicates.
The Oyster Direct Property Fund sold a property at Harris Rd, East Tamaki in February.
Falling commercial property values have forced the Oyster Direct Property Fund to sell assets after breaching a debt covenant.
The unlisted vehicle held $90.4 million of property directly as of September last year, as well as interests in individual Oyster property syndicates valued at $111.6m.
Those
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