360 Capital Mortgage REIT (ASX:TCF) announced on September 10, 2026, an update on its recovery actions concerning approximately $31.7 million across four loans to Universal Property Group (Bathla) and its subsidiary special purpose vehicles. The 360 Capital Mortgage REIT provides investors access to credit opportunities secured by Australian real estate assets, aiming to deliver regular monthly income through disciplined asset selection and risk analysis. To accelerate loan repayment, 360 Capital FM Limited, as Responsible Entity, has moved to appoint receivers to various Bathla-related entities, targeting the disposal of 162 individual properties.
Receivers have been appointed to Loan 1 and Loan 2. For Loan 1, comprising completed homes and lifestyle lots, properties are set for market this week, while Loan 2, involving land lots, has commenced a sales campaign with one contract exchanged. For Loan 4, covering 65 titled townhouses, receivers were previously appointed by a co-lender, and the sell-down process is progressing. The Responsible Entity is also coordinating for receivership of Loan 3, which involves the Trust’s $8.5 million subordinated investment in 72 apartments nearing completion. Efforts will focus on securing occupancy certificates to settle existing presale contracts and reactivating sales for remaining unsold apartments.
Financially, the Trust reported $6.3 million in cash as of September 9, 2026, and continues its on-market unit buyback program. All other loans within the Trust’s portfolio remain fully compliant. The Responsible Entity forecasts the continuation of monthly distributions, though their level may vary depending on the progress of the Bathla property selldown and the recovery of accrued interest from the affected loans. Greater certainty on distribution levels is expected as these recovery actions unfold.
