UK property company Grainger said its 21.6%-owned and managed fund G:res is negotiating the sale of £32 mln (EUR 37 mln) of assets as it struggles to meet loan to value covenants. The company added that it is to revise certain elements of the fund's business plan to increase the headroom in the fund’s loan to value covenants and reduce the likelihood of a potential future breach.
UK property company Grainger said its 21.6%-owned and managed fund G:res is negotiating the sale of £32 mln (EUR 37 mln) of assets as it struggles to meet loan to value covenants. The company added that it is to revise certain elements of the fund's business plan to increase the headroom in the fund’s loan to value covenants and reduce the likelihood of a potential future breach.
The fund will use cash from previous sales to reduce debt while continuing to dispose of non-core assets.
