MacarthurCook fund looks to distributions
A key MacarthurCook fund, the MacarthurCook Property Securities Fund, has signalled that a number of the property funds in which it is invested may be able to resume paying distributions.
In a market update issued this week, MacarthurCook said that with the bottom of the valuation cycle now in sight, there was the potential over coming months for a number of funds to reinstate distributions and for the funds paying distributions to increase their distribution amounts.
However, it pointed to continuing tight lending conditions and the impact of potentially depreciating valuations in some funds and markets as remaining key challenges this year.
“It is expected that the unlisted investee funds will continue to be affected by the reduction in, and increased costs of, available credit,” the MacarthurCook update said.
It said that as at 30 April this year, the fund was invested in 32 different property funds across 19 different investment managers and that, “currently, no unlisted funds held by the fund are open for redemption and the majority of investee funds have suspended and/or reduced distributions”.
AUTHOR
Mike Taylor
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