Macquarie Office Trust (ASX: MOF) has sold its Frankfurt property for $61.7 million today.
Upon repayment of debt the return is expected to bring approximately $15 million in cash to the Trust. The transaction will also eliminate the potential need for the Trust to inject $9.2 million dollars in the loan facility for the property, which was expected to occur in February 2010.
Chief Executive Officer of Macquarie Trust, Adrian Taylor, says the sale of the property on a cap rate of 6.5% represents progress on the Trust’s medium-term strategy to reweight the portfolio back to Australia.
Macquarie reported a loss of over $1.3 billion dollars for fiscal 2009.
