MI-REIT – BT

MI-Reit gets loan extension

MacarthurCook Industrial Reit (MI-REIT) on Tuesday said that its lenders, National Australia Bank Limited and Commonwealth Bank of Australia Limited, have granted the property trust a 60-day extension for its existing S$220.8 million loan, which matures on April 18 this year.

This extension is subject to documentation and satisfaction of certain conditions which are within the control of MI REIT, the trust said. With this extension, the loan facility will be due on June 16 instead. ‘The manager remains in advanced negotiations with its lenders in relation to the refinance of the facility,’ the trust added.

MI-REIT’S shares gained 0.5 cents to close at 23 cents yesterday.