The US Masters Residential Property Fund is aiming to cut further costs, grow revenue by increasing rents while also selling off other properties after the sale of the fund fell over.
of the $US507 million portfolio of New Jersey homes and apartments came as a surprise to the board of EDixon Advisory’s US Residential Masters Property Fund has flagged a buyback and restructure after a portfolio sale fell over.On Tuesday, the URF said it is aiming to further cut costs – including externalising part, or all, of the fund’s operating platform – and is hoping to boost revenue by increasing rents of its properties.
“The buyback program will initially be funded with available cash reserves, with further funding provided as asset sales progress. The fund will continue to explore opportunities for a larger or full portfolio sale,” the fund said in a statement. “However, initially, property sales are expected to be limited to the asset disposal program. Macroeconomic and local market conditions have changed considerably in the last three months with factors including the length of the Ukraine conflict, May’s reported 40-year high inflation rate and sharply rising mortgage rates in the US having a negative impact.”, that was at the centre of a series of legal and regulatory actions that resulted in the firm being placed in administration.
Effective immediately, the management of the US REIT has been restructured, with Kevin McAvey being tapped as chief executive. He was previously co-CEO with Brian Disler since August 2019. The initial buyback will be limited to the purchase of less than 10 per cent of the number of units in the fund over a 12-month period, with the initial split being up to 10 per cent of either class of securities.- which has a long-standing joint venture with the URF to co-invest in apartment blocks.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US senators reach bipartisan gun control deal after recent mass shootingsProposal does not ban assault weapons or raise age required to buy them to 21, but if enacted it would come after years of stalemate
Read more »
Stars align for Cuban migrants as record numbers seek better life in USThe journey to America, often via Nicaragua, has become more viable – and many are taking their chances at the border
Read more »
ASX to plunge more than 4pc, US stocks enter bear marketAustralian shares are set to drop sharply at the open, resetting lower in line with falls overseas. Bitcoin sheds 15 per cent. $A below US69.30¢.
Read more »
Shares tumble as investors respond to US inflation warningHighest pace of US consumer price increases in four decades indicates swifter path of monetary tightening ahead of central bank meeting.
Read more »
Women who guided us through the pandemic honoured with a prestigious titleMary-Louise McLaws spends her days being cared for by her family and friends. It is a stark contrast from what she was doing before she received her cancer diagnosis earlier this year.
Read more »
Dimon: EU being ‘torn apart’ by energy crisis and US must step inJPMorgan Chase CEO Jamie Dimon says the US must do more to ease Europe’s energy crisis, adding he is not convinced the Federal Reserve can engineer a soft landing.
Read more »