Real estate’s interest rate troubles are getting real! Street Talk spotted MA Financial’s pubs roll-up Redcape pulling up the drawbridge on investors looking for an exit. The freeze runs to December 27. That’s $1.47 billion worth of assets that backers can’t move in and out of. And it’s the same lot that voted overwhelmingly in favour of the delisting less than two years ago … and will be paying fees while they are locked in.
It’s a sorry state of affairs, especially as the underlying portfolio is not bad. The situation should spark a rethink among unlisted property investors on the liquidity of their portfolios.
Over in listed land, Talon Energy confirmed Street Talk’s report on a takeover bid from Strike Energy. We also spotted Propel Funeral Partners lining up defence advisers, while its bigger peer InvoCare kept shareholders waiting on TPG Capital to firm up its $13 a share bid.
Less than two years after it took the pubs outfit off the ASX with a pitch for punchier valuations, MA is struggling to settle the tab on investor redemptions.
Propel Funeral Partners is getting on the front foot and shoring up its first line of defence as its listed peer InvoCare thrashes out the final details of a take-private deal.
Wall Street giant Goldman Sachs’ local chairman of corporate advisory, Bruce MacDiarmid, is hanging up his boots after more than 30 years in the industry.
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