Property investment company Macquarie CountryWide Trust
(ASX:MCW) says it is to sell its 75 per cent interest in a U.S. portfolio of 86 properties, owned in partnership with Regency Centers for US$1.3 billion.
The company says the sale price reflects a capitalisation rate of 9.1 per cent based on its estimated net operating income for calendar year 2009, valuing a 100 per cent interest in the portfolio at US$1.73 billion.
Macquarie CountryWide says the transaction will negatively impact the trusts earnings and net asset backing.
The company says the entire deal, when closed will eliminate $1.38 billion of debt scheduled to mature in coming years, and will release around $226 million of gross cash proceeds.
Macquarie CountryWide says the portfolio accounts for approximately 80 per cent of its assets in the U.S. Macquarie CountryWide’s 2008 net profit took a big tumble from its result the year before.
Gold miner Kingsgate Consolidated Ltd (ASX:KCN) says it produced 43,036 ounces of gold in the June quarter, up from 32,992 in the March quarter.
For the year to June 30 the company produced 93,002 ounces of gold at a a cost of US$401 an ounce.
The miner says it expects production over the next 12 months will be 120,000 to 140,000 ounces of gold.
Kingsgate says the gold grade at its main gold mine, Chatree in Thailand, improved to 2.3 grams a tonne.
The company also noted that it had a total of $30 million in the bank with no debt. Kingsgate Consolidated recorded a profit of $36.19 million in 2008 after a loss the year before.
Global diversified engineering services group Ausenco Ltd (ASX:AAX) says it has been asked to come back and finish the engineering and design on the Kinsevere Stage II copper project for Anvil Mining Ltd (ASX:AVM).
The US$380 million project was suspended late last year due to weaker copper prices when engineering was approximately 80 per cent complete.
CEO Zimi Meka says the project’s recommencement represents an important opportunity and an indication of increasing confidence in the base metals sector.
Ausenco says its scope under the reappointment of delivery of project services has been broadened. Ausenco’s 2008 net profit was $56.26 million.
