Maat syndicates under pressure as downturn bites
Documents from three syndicates show bank stances toughening, tenancies weakening.
The Cashel Property Investment syndicate, owner of an office building on Christchurch's Cashel St, must raise capital.
The economic downturn is cranking up pressure on property syndicates run by Whanganui-based Maat Group through a combination of bank debt and building vacancies.
Documents obtained by NBR for three of Maat’s 11 syndicates reveal looming crises involving combined debts of more than $60
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