BROOKFIELD PRIME PROPERTY FUND Completion of Sale of Properties
The Fund has completed the sale of its 25% interest in Southern Cross East and 50% share of the Southern Cross West properties in Melbourne.
Net proceeds from the sale will be used to repay $201.1 million of the senior debt facility and to repay, in full, the Brookfield subordinated debt of $60.3 million.
Post payment of the distribution to unitholders, the balance of net proceeds will be used to supplement operating cashflows to fund ongoing capital expenditure requirements of the Fund's remaining properties and may be used in part to further reduce the senior debt facility. Discussions continue with the Fund's financiers to amend the existing facility in this regard and unitholders will be advised in due course.
Distribution
The Directors of Brookfield Capital Management Limited as Responsible Entity for the Fund have resolved to declare a distribution of $2.50 per unit to unitholders. Details of the distribution are contained in a separate announcement to ASX today.
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For more information please contact:
Brookfield Customer Service
Ph: 1800 570 000
Email: clientenquiries@au.brookfield.com
Brookfield Prime Property Fund issued this content on 2015-12-18 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2015-12-18 06:03:34 UTC
Original Document: http://www.brookfieldprimefund.com/content/2015_announcements/completion_of_sale_of_properties-43388.html
