Bloomberg reported
Aug. 26 (Bloomberg) -- Tishman Speyer Office Fund, an Australian-based fund that invests in U.S. property, renegotiated terms on a revolving credit facility after the value of its real estate fell 33.5 percent.
...
The fund, whose 18 U.S. office properties lost a third of their value in the 12 months through June, “is walking a fine line on the liquidity front,” according to a report by JPMorgan Chase & Co. Sydney-based analysts Michael Scott, Rob Stanton and Richard Jones. They rate the Australian-traded shares “neutral.”
just 8% more and the levee breaks...
The new loan covenants would allow for another 7.7 percent decline in the fund asset values, which is ”not a large buffer in today’s environment,” the analysts wrote.
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