Real estate investment trust MacarthurCook Industrial Property Fund
(ASX:MIF) says it has sold its investment in an Asian industrial property security in order to reduce debt and focus on industrial property investment opportunities in Australia.
The fund sold 22 million units in the MacarthurCook Industrial Real Estate Investment Trust, which is an industrial real estate investment trust listed on the Singapore Exchange, for around $6.7 million.
The proceeds from the sale will be used to reduce debt in the fund to approximately $63.3 million or 48 per cent of total assets.
Head of Real Estate for MacarthurCook Russell Bullen says the sale provides benefits for existing investors and increases the attractiveness of the fund to new investors by having lower debt and pure exposure to Australian direct industrial property.
MacarthurCook Industrial Property Fund posted a $40 million loss in 2009.
